December 21, 2017 - Legislation (S.6974) introduced today by Senator Simcha Felder (D-Midwood) will ensure that changes in the Federal tax code will not negatively impact New Yorker’s State Income Tax returns. This measure will hold the line on State income taxes for New York taxpayers and prevent those who see an increase in their Federal taxes from also seeing an increase in State taxes.
“We absolutely must do everything in our power to save hardworking, over-taxed NYers from any additional tax burdens. New Yorkers shouldn’t be the collateral damage of tax reform. This bill will ensure that doesn’t happen.”
New York State personal income tax is calculated by using the Federal taxable income. Since many New Yorkers will see their Federal taxable income rise because of the elimination of deductions, they would also see their State income taxes increase as well. This bill will allow New Yorkers to calculate their State tax liability as they would have before the Federal tax changes took effect.