Sentences with phrase «of changes to the federal tax code»

Not exact matches

Beginning in the 2018 tax year the federal government introduced a number of changes to the tax code to curb so - called «income sprinkling», a tactic used by some higher - income small business owners to shift income to lower - taxed family members.

The payments and benefits provided under his executive agreement in connection with a change in control may not be eligible for a federal income tax deduction for the company pursuant to Section 280G of the Internal Revenue Code.

The Federal and State of California tax codes provide for restrictive limitations on the annual utilization of net operating losses to offset taxable income when the stock ownership of a company significantly changes, as defined.

Currently, the federal government generally relies on the Consumer Price Index (CPI) to index provisions of the budget and tax code to account for cost - of - living changes.

At the same time, the measure changes the reference to the federal tax code to reflect the code that was in effect prior to Dec. 1 of last year.

Gov. Andrew Cuomo's proposal to change the state tax code to get around the loss of deductions under the new federal law is «the work of a mind severed from reason and reality,» GOP gubernatorial candidate John DeFrancisco, the deputy state Senate majority leader, said.

The $ 168.3 billion budget passed by state lawmakers at the end of March includes changes to the tax codes issued «to help ease the pain of the new federal tax code for homeowners expecting to see their taxes go up,» according to CBS New York.

Several Democrats also indicated that changes to the state tax code, designed as workarounds on new federal limits on the deductibility of state and local taxes, will be part of the spending plan in some form.

The State Senate last week, meanwhile, sought to cushion the blow of the federal tax law with a bill that reconciles the state code with the changes in Washington — a change that saves New York taxpayers $ 1.5 billion.

On top of it, there's the federal tax package that Cuomo pointed to last month when he suggested a change of the tax code is being eyed for the new year.

The State Senate last week, meanwhile, sought to cushion the blow of the federal tax law with a bill that reconciles the state code with the changes in Washington.

The bill allows taxpayers to deduct the full payment of their property taxes and changes the state tax code reference to the federal tax code to reflect the code that was in effect prior to Dec. 1 of last year — effectively a reset button.

Cuomo has proposed an ambitious restructuring of the state's tax code intended to soften the blow of the recently enacted federal tax changes.

The leader of the state Senate on Thursday threw cold water on Gov. Cuomo's proposal to impose a new payroll tax to offset changes to the federal tax code that places limits on state and local deductions.

Officials say that unless New York changes its tax code to delink it from the federal code, state taxpayers could see their tax burden increase by $ 1.5 billion — potentially worsening the pain to New Yorkers already dealing with the curbing of state and local tax deductibility.

He also will propose a major retooling of the state tax code to deal with the federal tax changes and seek increased reserves in anticipation of further cuts from the feds.

Both the Senate and Cuomo have proposed decoupling the state tax code from the federal law in order to soften the impact of the federal tax changes on New York taxpayers.

Gov. Andrew Cuomo is considering big changes to the state tax code to blunt the blow of the federal tax overhaul.

New York State Comptroller Tom DiNapoli warns of a «problematic» budget season, as the state faces a structural deficit, changes to the federal tax code, and uncertainty over continued funding from Washington.

The Trump administration proposed the most sweeping changes to the federal tax code in decades, outlining a framework that would cut individual and corporate taxes, eliminate widely used exemptions and deductions and tilt the U.S. closer to the type of tax system embraced by other industrialized nations.

Cuomo has proposed far more sweeping changes to the state's tax code that he says are needed to soften the blow of the new federal tax law, which will raise the federal taxes of many New Yorkers by capping a deduction for state and local taxes at $ 10,000.

However, with the federal tax code changing as well, they have a great deal of work to do.

Gov. Cuomo's proposal to change the state tax code to get around the loss of deductions under the new federal law is «the work of a mind severed from reason and reality,» GOP gubernatorial candidate John DeFrancisco said Monday.

SPECTRUM NEWS VIDEO: State Sen. Mike Gianaris said following changes to the federal tax code, lawmakers need to find a way to rework the state tax code to benefit middle - class taxpayers and offset any negative impact of the new US tax law.

Hundreds of local residents took advantage of an executive order by Gov. Andrew Cuomo allowing taxpayers to make advance payments on their 2018 property taxes before changes to the federal tax code restricts tax deductions.

TAX CHANGES: Cuomo pushed to include some tax measures to help ease the pain of the new federal tax code for homeowners expecting to see their taxes go TAX CHANGES: Cuomo pushed to include some tax measures to help ease the pain of the new federal tax code for homeowners expecting to see their taxes go tax measures to help ease the pain of the new federal tax code for homeowners expecting to see their taxes go tax code for homeowners expecting to see their taxes go up.

An account owner generally is permitted to change the beneficiary to another qualified member of the family, as defined under the Internal Revenue Code, without triggering income tax and 10 % additional federal tax.

You generally are permitted to change the beneficiary to another qualified member of the family, as defined under the Internal Revenue Code, without triggering income tax and 10 % additional federal tax.

As policymakers begin work on a major overhaul to the federal tax code, which could include eliminating or changing the deduction, and amid widespread concern about rising student debt levels, leaders should bear in mind that altering the provision would have implications for higher education and tax policy across levels of government.

With all of the changes going on in the federal tax code, it remains to be seen exactly how cryptocurrencies will be taxed in the future.

Among the several changes to the federal tax code passed in the last days of 2017, Congress expressly limited Section 1031 exchanges to apply to real estate only.

This year is different, Giovaniello said, because as Congress discusses ways to reduce the federal deficit and whether to change the tax code, some of the government's longstanding incentives for home ownership, including the mortgage interest deduction and other provisions, will come under debate.

«Minor changes to the federal tax code could provide the renewable energy industry access to large pools of low - cost private capital,» the letter states.

States who may have felt burdened by aspects of the federal tax reform may also look to implement changes to their state tax codes.

This year is different, Giovaniello said, because as Congress discusses ways to reduce the federal deficit and whether to change the Tax Code, some of the government's longstanding incentives for home ownership, including the mortgage interest deduction and other tax provisions, will come under debaTax Code, some of the government's longstanding incentives for home ownership, including the mortgage interest deduction and other tax provisions, will come under debatax provisions, will come under debate.

But while he remains a devoted racing fan and a box - seat holder at Oaklawn race track, horse sales proved a volatile business — one that abruptly bottomed out in 1986, when changes to the federal tax code eliminated the tax benefits of such investments.