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You are here: Home / AREA NEWS / The White Plains Examiner / NYS Passes Legislation to Thwart Negative Impact of New Federal Tax Law NYS Passes Legislation to Thwart Negative Impact of New Federal Tax Law New York is the first state in the country to pass legislation that will help residents who have been disadvantaged by the new federal tax law that essentially raises state and local taxes (SALT) by imposing a $10,000 cap on federal deductions for both state income and local property taxes. The updates to the New York State Tax Law can save New Yorkers billions in federal income taxes. Assemblyman David Buchwald (D-White Plains) said in a statement released over the weekend, “We are sending a message to Washington that no longer should the federal government view New York’s economy as a piggy bank to empty for deficit spending and tax cuts aimed at other states.” The NYS Fiscal Year 2018-19 Budget, which was passed on Friday, contained two policies originally proposed by Assemblywoman Amy Paulin (D-Scarsdale) as stand-alone legislation to provide options for relief for Westchester County residents, who essentially would have seen their NYS taxes go up. According to Paulin, in 2015, among New Yorkers who itemized their tax returns, the average State and Local Tax deduction was $22,000. Further information published by ATTOM Data Solutions, an organization that collects and distributes information about property including taxes, indicates that 73% of Westchester homeowners pay more than $10,000 in property taxes and many Westchester County constituents are already paying $20,000 or more in property taxes alone. Buchwald, who served as a tax attorney before his election to the State Assembly, said in an interview on Monday that working with colleagues on the tax code update was like a “flash from the past.” Buchwald explained that other changes to the state tax code also “restored a bunch of deductions that existed prior to the federal change.” Some of the federal changes would have put more money into the NYS treasury and others would have benefitted the federal government by as much as billions of dollars, according to Buchwald, who added that any changes in tax law to enhance the state treasury should be made by the state and not the federal government. The first element of the tax code change, which is applicable to 2018 taxes filed in 2019, is to allow residents to itemize deductions on their state tax return, even if they do not itemize those deductions on their 2018 federal return. The second element allows charitable contributions to NYS, local governments and school districts to offset local property taxes, which essentially would have gone up 25% to 35% with the new federal tax law, Buchwald said. The budgets currently being passed by local school districts and municipalities will determine what the property tax rate is.
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