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Assemblywoman Amy Paulin to Introduce Bills to Alleviate Tax Crunch

amypaulinAssemblywoman Amy Paulin (D-88) will soon introduce a package of bills aimed at helping mitigate the harm that the new federal tax laws will cause for many New Yorkers.

The provision to cap the amount of the state and local tax deduction at $10,000 disproportionately affects residents in areas of the state with high property taxes, like Westchester– which has the highest property taxes in the nation. These residents will now face an increase in federal and possibly state income taxes on top of those steep property tax bills. According to ATTOM data solutions, 73 percent of Westchester homeowners pay more than $10,000 in property taxes.

The first bill, which Paulin announced two weeks ago, would allow New York residents to itemize their New York State tax return even if they do not itemize their federal returns. The categories of itemized deductions used at the federal level are also used for the New York State personal income tax.

According to a July 2017 report from The Office of the State Comptroller, without legislation to change the State tax law, eliminating deductions at the federal level would eliminate them at the state level and potentially increase taxpayers' state income-tax burden. This legislation would ensure that taxpayers will still be able to itemize on their New York return, preventing them from facing a higher New York tax bill.

The second bill, would establish a two-pronged approach. The first portion of Paulin's new legislation would establish a dollar-for dollar state income tax credit for charitable donations made to foundations that support state-funded institutions, such as the State University of New York.

The second portion of Paulin's legislation would allow a taxpayer to receive a credit on their property or school taxes for donations made to local foundations working alongside school districts and municipalities. Some examples of these types of foundations that already exist are The Pelham Education Fund or the Scarsdale Schools Education Foundation.

Since charitable gifts remain deductible on federal taxes, taxpayers would be able to receive a federal deduction to help offset the loss of the state and local tax deduction.

"We must do everything we can to lessen the damage that the new federal tax law will cause for so many New Yorkers," Paulin said. "I have fielded dozens of calls from constituents about the new tax law and many people are considering moving, because the cost to stay here will be too high. We cannot allow that to happen.

This legislation would enable taxpayers to make up for some of the losses they will experience under the disastrous federal tax law, while maintaining the revenue that the State and local school districts receive."

Comments   

#1 Disgruntled 2018-01-04 14:05
So we are supposed to make a charitable contribution in addition to paying our taxes just to get a deduction? That’s a solution? Someone explain how there’s a savings in doing this.
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