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