Cuomo's payroll tax plan is out, but there are questions
The state Department of Taxation and Finance on Wednesday issued a preliminary plan for instituting a payroll tax that would help New York wage earners avoid paying state income tax.
Cuomo described the plan as a “blueprint” that would lead to further discussion with employers, taxpayers, lawmakers and others.
The strategy was one of the highlights of Gov. Andrew Cuomo’s 2019 budget presentation this week, part of an effort to “thwart” the loss of deductibility that came with December’s overhaul of federal tax laws. Under the new tax changes, passed by the Republican-led Congress and signed by President Donald Trump, deductions for state and local taxes are capped at $10,000.
In addition to payroll changes, Cuomo also wants to allow homeowners to pay school taxes in the form of a charitable donation, which could then qualify the payers for an income tax credit.
Read more: http://blog.timesunion.com/capitol/archives/279954/cuomos-payroll-tax-plan-is-out-but-there-are-questions/