Sentences with phrase «tax as a workaround»
The proposal would either replace or exist alongside the current personal income tax as a workaround to a newly approved federal cap on state and local tax deductions.
http://www.nystateofpolitics.com/ Not exact matches
Cuomo's payroll tax was unveiled this week and is meant to act as a workaround for the federal cap on state and local tax deductions set at $ 10,000, part of the December tax law approved by Congress.
Cuomo on Tuesday held a ceremonial bill signing on an optional payroll tax and new charitable funds, both of which are designed as workarounds to the federal SALT limits.
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.
Gov. Andrew Cuomo's top budget and tax officials on Monday unveiled the details of the administration's plans to create a payroll tax and expand the charitable deduction, all as a workaround for a $ 10,000 cap on state and local deductions.
At the same time, Cuomo is pushing for an overhaul of the state's tax code that could result in the adoption of a payroll tax and changes to charitable deductions as a workaround to the cap on deductions.
But the federal tax workarounds have spawned questions as to whether the two - track approach will be allowed by the IRS.
Employers will also be given the option to shift to a payroll tax, a measure proposed by Gov. Andrew Cuomo as a workaround to the new federal cap on state and local tax deductions.
Cuomo has railed against a $ 10,000 cap on state and local tax deductions and is weighing the introduction of a payroll tax that would act as a workaround for the limit.
As a possible workaround to a cap on state and local tax deductions, Cuomo wants to create a charitable deduction vehicle for New Yorkers to deduct their taxes when paying above the $ 10,000 limit.
The ads come as Gov. Andrew Cuomo has indicated he will push for workarounds to the law's capping of state and local tax deductions at $ 10,000 — a move he has said is crippling to the state's taxpayers.
An optional payroll tax as a way to workaround a $ 10,000 cap on the deduction of state and local taxes remains alive in the budget negotiations as lawmakers race to finish the spending plan before the holiday weekend.