Sentences with phrase «state tax codes»

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

Recognizing that government can't pay the bill for long - term care, federal and a growing number of state tax codes now offer tax incentives to encourage Americans to take personal responsibility for their future long - term care needs.

The federal and some state tax codes let you count part or all of long - term care insurance premiums as medical expenses, which are tax deductible if they meet a certain threshold.

Federalism can still exist because state tax codes — like any state laws — can operate alternative programs within each state.

If Congress and state legislatures listen to what families say they want, however, they will look for ways to ease policies like the «parenting penalty» that permeate the federal and state tax codes and are helping drive more and more young mothers with children into the job market.

That was the logic Kansas Gov. Sam Brownback and his advisers used in 2012 when they carved out a part of the state tax code that didn't tax pass - through entities:

The United States tax code is so backward that billionaire investor Warren Buffett pays only 17 percent in income taxes, a rate even lower than that of his secretary.

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.

Cuomo says he's also looking at changes to the state tax code in response to the federal overhaul.

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.»

The initial version of @NYGovCuomo's Executive Budget left a pile of loose ends in the state tax code, including a potential $ 400m tax hi...

For the time being, at least, Governor Cuomo's 2018 - 19 Executive Budget left a pile of loose ends in the state tax code.

The Republican tax bill hurtling through Congress is increasingly tilting the United States tax code to benefit wealthy Americans, as party leaders race to shore up wavering lawmakers who are requesting more help for high - earning business owners.

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.

He said the governor proposes to decouple the state tax code from the federal government's, a move that would restore deductibility many New Yorkers stand to lose under the new federal tax overhaul.

«We're going to look at the state tax code both in substance and in form,» Cuomo said last month, «and look for ways to both redesign our state code in response to this federal assault, and we're in the process of that now.»

«We're going to look at the state tax code both in substance and in form,» Cuomo said, «and look for ways to both redesign our state code in response to this federal assault, and we're in the process of that now.»

«What Mr. Romney's returns illustrated, instead, was the array of perfectly ordinary ways in which the United States tax code confers advantages on the rich...» [Nicholas Confessore and David Kocieniewski]

Cuomo led and closed his 2018 - 19 budget address Tuesday by underscoring the need to adapt a dramatic change in the state tax code to counter a federal tax law passed last month by the Republican - controlled Congress and President Donald Trump.

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.

Mujica also left open the door that changes to the state tax code might not be effective until the 2019 tax year.

His plan would shift the state tax code from an employee - paid system to one paid for by employers, which would help shield New York residents from new federal tax increases.

ALBANY — Gov. Andrew Cuomo announced a deal on a $ 168.3 billion spending plan that increases school aid by $ 1 billion, restructures the state tax code to respond to changes in Washington, directs money to the Metropolitan Transportation Authority by raising fees on taxis and Uber rides and paves the way for the use of eminent domain near Penn Station.

While the Governor has submitted tax reform proposals as part of the 30 - day amendments, changes to the State tax code should be deliberated carefully, and therefore, are best considered outside the budget process.

Nor does it actually restructure the state tax code in any way designed to thwart the new federal cap on state and local tax (SALT) deductions.»

Whatever changes leaders ended up agreeing to make to the state tax code, the governor hoped to have an agreement by the time the 30 - day budget amendments are due at the end of February.

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.

To address the situation, the Senate passed a bill to link the state tax code to the federal one in effect before Congress passed the tax act in December.

On Friday and Saturday the state legislature approved the $ 168 billion, 2018 - 19 State Budget, with a deal that includes a new state tax code as a response to federal changes and more money for education.

Because the state tax code is tied to the federal one, a number of actions taken by the feds will automatically drive up some state taxes paid by New Yorkers unless the state takes specific action to stop it.

The $ 168.2 billion spending plan revealed on Tuesday attempts to close a $ 4.4 billion deficit with a series of new «revenue raisers» — or new taxes and fees — paired with a proposed overhaul of the state tax code.

He's also thumbing his nose at Washington by vowing to remake the state tax code to move away from income taxes and, possibly, allow for some payments to be treated as tax - exempt donations.

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.

So now Cuomo wants to change the state tax code so wealthy residents can continue those deductions.

Mujica said Cuomo's budget amendments would also «decouple» the state tax code from the federal tax code to, among other things, allow individuals who do not itemize deductions at the federal level to do so on their state returns.

It worked through this year looking for revenue - neutral changes to the state tax code, only to have the governor abruptly convene a second panel to examine ways to cut taxes in October.

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.

«The agreement worked out among the governor, Speaker Silver and Majority Leader Skelos — a stark contrast with the political deadlock in Washington — will bring more fairness to the state tax code and help ensure that children in our public schools will begin to see restorations from the devastating education cuts of recent years,» he said.

Faced with a worsening financial climate, Gov. Andrew M. Cuomo said Wednesday that he was contemplating whether to propose changes to the state tax code, and he did not rule out the possibility that he would seek to raise taxes on wealthy New Yorkers.

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.

That would also be a complex maneuver and would require changes in the state tax code as well as local laws.

Though the legislation had already been approved by both houses, the bill's principal provision was somehow removed amid the flurry of negotiations that restructured the state tax code and created a new class of outer - borough taxis.

Similarly, anyone in a state with a state - level scholarship tax credit would need to back out any benefit they receive from their state tax code to make sure that the combination of federal and state tax incentives does not exceed the value of the donation.

401 (k) and 403 (b) are references to the United States tax code.

This tax reform act was the first major change to the United States tax code since 1986.

Adjusted gross income (AGI) is a modification of gross income in the United States tax code.

It would have a net progressive impact on the state tax code (currently the country's most regressive).

The United States tax code is a complicated beast.

Believe it or not, the United States tax code is one big instruction manual for how your largest financial partner (aka the U.S. government) wants you to invest.