Under Senator Felder’s leadership and in a show of unity, Republican, Democrat and IDC Senators joined to protect New Yorkers from the toxic trend of overtaxing.
Felder’s legislation (S.6974) protects over 5 million tax filers in New York who would be on the hook for an additional $800 million in taxes and saves another $400 million for New Yorkers who itemize. All considered the total savings of this legislation is estimated at a staggering $1.5 billion to taxpayers.
New York State Tax law builds off the federal tax law in many ways. State income tax is calculated by using the Federal taxable income (AGI) which many New Yorkers will see rise steeply because of the elimination and capping of deductions.
This legislation will ensure that hardworking New Yorkers don’t get caught in the cross hairs of political maneuvering. By holding the line on State income tax for New York taxpayers, we alleviate this state of double jeopardy. We can’t change Federal tax law, but we can protect New Yorkers from harm when they file their state taxes irrespective of those changes in Washington