Sentences with phrase «payroll tax system»

Companies joining the new payroll tax system would pay a 5 percent tax on payroll expenses that are over $ 40,000 per employee.

On Wednesday, the state Department of Taxation and Finance released a preliminary report providing some options for getting out of the way, such as replacing taxes with federally deductible charitable contributions to state - run funds or adopting a statewide payroll tax system in lieu of state income taxes.

Senator DeFrancisco also took aim at Governor Cuomo's head scratching proposal to further burden New York businesses by creating a new, legally questionable scheme to create a employer - paid payroll tax system in New York to run alongside its existing income tax system.

As expected, the new budget amendments also include a proposed shift — for the increasing minority of taxpayers who will still itemize under the new federal law — away from state income tax payments to an employer - paid payroll tax system.

Lawmakers and Cuomo did agree, however, to plans that would create an optional payroll tax system for employers and create charitable foundations to support education and health care.

The ideal applicant for this post will update and manage payroll tax system and administer technical and professional tax knowledge by taking active part in awareness workshops, evaluating professional publications, setting up individual networks, and also taking part in professional associations.

«We are developing a plan to restructure our tax code, to reduce reliance on our current income tax system,» Cuomo said, «and adopt a statewide payroll tax system.»

Finally, many states provide an earned income tax credit (EITC) that is extremely important in fighting poverty, and this too would be more difficult to implement under a payroll tax system.

Cuomo unveiled several amendments to the budget he proposed in January that are intended to offset the impact of the new federal tax law on New Yorkers by, among other things, implementing a new, optional, payroll tax system and creating new charitable foundations.

Companies in New York state are «open to the idea» of moving the state income tax code to a payroll tax system, an anonymous senior state official told Reuters on Friday.

The first proposal would shift the state income tax system to a payroll tax system.

In conjunction, the governor said he would soon announce a «major shift» in the state tax code that could «restructure the current income and payroll tax system.»

He announced that the state was developing a plan to reduce reliance on property taxes by adopting a payroll tax system.

According to the Cuomo administration official, who spoke on condition of anonymity because the ongoing discussions have not yet been formalized, the chief executives of the largest employers in New York City are willing to consider the move to a payroll tax system.

NEW YORK (Reuters)- Companies in New York state are «open to the idea» of moving the state income tax code to a payroll tax system, a senior state official told Reuters on Friday.

The governor also said he would soon announce a «major shift» in the state tax code that could «restructure the current income and payroll tax system.»

He said he would also explore restructuring the current income and payroll tax system.

At the same time, Cuomo wants to overhaul the state's income and payroll tax system.

Cuomo, a Democrat and rumored 2020 presidential hopeful, wants to convert most of the state's income tax system to a payroll tax system that taxes the wages companies pay employees rather than those employees» income.

Cuomo said he will launch a campaign to repeal and replace the new Republican tax plan — including exploring «a plan to restructure the current income and payroll tax system,» a move that would significantly alter the state's tax system.

One of the initiatives would reduce reliance on the current income tax system and replace it with a payroll tax system.

Cuomo administration officials said the payroll tax system and charitable foundations are ways to counter the federal tax law's new $ 10,000 limit on deductions for state and local taxes.

In addition to the charitable fund idea, he called Gov. Andrew Cuomo's proposal to establish a statewide payroll tax system «quite compelling.»

He also called for the Empire State to lead efforts to «repeal and replace» the legislation and said the state was in the preliminary stages of restructuring the current tax code, researching a shift from an income tax system to statewide payroll tax system.

The last step, he explained, is developing a plan to restructure the state's tax code to reduce New York's reliance on its current income tax system and establish a statewide payroll tax system.