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New York: State budget includes federal tax reform-related changes

New York: Federal tax reform-related changes

The New York state legislature on March 30, 2018, passed two “budget bills” that contain tax measures that were approved as part of the Executive Budget for the fiscal year beginning April 1, 2018. The measures include some, but not all, of the tax changes proposed by the governor earlier this year.

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Among the state tax law provisions are those aimed at addressing certain aspects of the federal tax reform enacted in late December 2017 as Pub. L. No. 115-97. Specifically, the state’s budget bills include two key changes aimed at providing relief to New York residents in light of the repeal of the uncapped state and local tax (SALT) deduction.

The budget bills also include provisions that address or provide for:

  • The treatment of mandatory repatriation, global intangible low-taxed income, and foreign-derived intangible income
  • A new optional payroll tax
  • Charitable contributions provisions

 

Read an April 2018 report [PDF 176 KB] prepared by KPMG LLP

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