We released Part One covering New York State's Reponse to Federal Tax Reform at the end of May. You can find that post here. In this post we are digging deeper into New York State's thoughts on decoupling from the Federal Tax Code to protect New York State Taxpayers from Tax increases.
NY’s income tax system conforms to the federal system in multiple ways. The numerous changes to the federal tax law will have significant flow-through effects on NY. The budget proposes multiple steps to disengage from the federal law. See the following for reforms related to this: