Two articles on 1.22.18 noted State Sen. Felder’s legislation responding to the Republican tax package passed in Washington:
(1) From the Albany Times Union on 1.22.18:
ALBANY – Gov. Andrew Cuomo wants to overhaul the state tax system by swapping state income for payroll taxes, which remain deductible under the new federal tax code.
But lawmakers are already offering up their own alternative ideas, including measures to “decouple” the state tax deductions from the federal rules.
At least three bills, from Westchester Democratic Assemblywoman Amy Paulin, Brooklyn Democratic Sen. Simcha Felder and Senate Independent Democratic Conference member David Carlucci, would accomplish this.
Underlying their proposed bills is a phenomenon that has drawn scant attention but which could cost New Yorkers millions in additional taxes if not addressed.
State income tax deductions in New York largely conform to the federal rules. Because of that, state income taxes, like their federal counterparts, are now subject to a $10,000 cap on local property tax deductions.
Unless New York changes its tax code, lots of New Yorkers would get a double hit — since they would face the new $10,000 limit on both state and federal taxes.
(2) From WGRZ in Buffalo on 1.22.18:
Sen. Simcha Felder, D-Brooklyn, has proposed legislation to ensure New Yorkers are held harmless under the federal plan. Assemblywoman Amy Paulin, D-Scarsdale, also said she plans legislation on the issue.
“I’m not interested in whose fault it is. Let the governor and the president fight that out,” Felder said in a statement in November when he first introduced a bill on the issue.
“But we cannot stand by and force New Yorkers to become the collateral damage of tax reform.”
— Posted by JVS on 1.24.18, backdated to 1.22.18
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