Measure 'stops millions of already overburdened tax filers from paying more in state taxes'
The New York State Senate has passed legislation co-sponsored by Sen. Chris Jacobs that will protect thousands of hardworking Western New Yorker's who could be forced to pay more state income taxes due to changes resulting from the federal Tax Cuts and Jobs Act that was passed In December.
The bill, S6974A, would hold harmless taxpayers negatively impacted by the capping of state and local deductions and other itemization revisions.
"New York state residents already pay some of the highest taxes in the nation and they deserve some long overdue relief," Jacobs said. "Some of my constituents will realize savings from the federal tax overhaul, but for those who won't this legislation provides the protection they need."
The bill has three main components:
•It effectively separates the state income tax code from the new federal tax code, thereby allowing individuals to choose to deduct the full amount of state and local tax (SALT) payments
•It makes a technical amendment to the definition of a single non-dependent filer in the state's income tax code, ensuring those individuals can claim their full New York state standard deduction.
•It removes the existing state prohibition on itemizing a state income tax return if a taxpayer chooses to take the new higher federal standard deduction.
"Crafting this legislation and securing its quick approval represents the kind of problem-solving and leadership that people expect and deserve from their state government," Jacobs said. "I would like to encourage my colleagues in the Assembly to act just as swiftly to deliver this meaningful reform and relief."
