ALBANY— Hoping to melt the affect of the brand new, “diabolical” federal tax legislation, Gov. Cuomo signed an emergency order Friday permitting New Yorkers to pay at the least a few of their 2018 property taxes earlier than the beginning of the brand new yr.
Cuomo stated the transfer will enable householders one final probability to take full benefit of the federal deduction for state and native taxes earlier than it will get curtailed.
The tax legislation authorized by the GOP-controlled Congress and signed by President Trump Friday limits the so-called SALT deduction to $10,000.
“No less than this gadget will postpone the ache for one yr,” Cuomo stated throughout a convention name with reporters.
The chief order signed by Cuomo quickly negated state and native legal guidelines that prevented native officers from accepting advance funds on property tax payments — however it could nonetheless be as much as native governments and college districts to determine in the event that they needed to take action.
Cuomo urged them to benefit from the order and stated the state Division of Taxation and Finance would supply help.
“We’re doing it to avoid the invoice the president simply signed,” Cuomo stated. “You’re rattling proper I’m.”
Cuomo stated his administration can also be trying on the state tax code – which is intertwined with the federal code – to see if any changes could be made to additional soften the federal tax invoice’s affect on New Yorkers.
The governor, over the previous a number of weeks, has repeatedly bashed the GOP’s tax reform effort, particularly the restrictions positioned on deductions for state and native taxes.
“That is an financial civil battle pitting crimson states towards blue states,” Cuomo stated Friday, including that he’s nonetheless contemplating authorized motion towards the federal authorities over the tax invoice and is consulting with different governors.
Demonstrators protest the GOP tax plan in Manhattan
Cuomo’s strikes have been lauded by each Senate Majority Chief John Flanagan (R-Suffolk County) and Meeting Speaker Carl Heastie (D-Bronx).
“Whereas legislative options are all the time preferable, the Speaker helps measures like this to present New Yorkers aid from the large burdens this draconian tax invoice locations on our residents,’ Heastie stated.
Flanagan stated Cuomo’s order “will give taxpayers another choice to make sure they pay the bottom attainable quantity in federal taxes, and I encourage anybody who can to take full benefit.”
Nevertheless, E.J. McMahon of the conservative-leaning Empire Middle for Public Coverage, cautioned that New Yorkers ought to fastidiously evaluation their very own funds earlier than deciding whether or not to make any early tax funds.
“This can be a your-mileage-may-vary scenario,” McMahon stated.
Cuomo’s transfer got here after Brooklyn State Sen. Simcha Felder, a Democrat, launched a invoice late Thursday that will alter the state’s tax code to make sure the federal adjustments don’t affect the best way New York calculates private revenue and thereby improve the state’s tax burden on residents.