Features, Finance, Law and Politics, New York

GOP Tax Plan Devastating to New Yorkers

December 24, 2017

By Stephanie West

Albany, NY – Governor Andrew M. Cuomo has issued an emergency Executive Order to help protect property owners in New York from the devastating impact of the GOP tax bill. This order authorizes local governments to immediately issue tax warrants for the collection of 2018 property tax payments and allows property owners to pay at least a portion of their bill before the end of the year and under the current tax construct. The Governor directed the Department of Taxation and Finance to work with local governments to facilitate early tax collection.

“As Washington wages an all-out assault on this state and this nation, I have authorized local governments to allow property owners to pay part or all of their taxes early,” Governor Cuomo said. “New York has made unprecedented progress reducing the burden of taxes on our middle-class families, and we will not allow this attack to roll back all that we have achieved. This Executive Order will allow property owners to deduct either part or the full amount of their payment from their federal taxes before the GOP tax bill goes into effect.”

The federal tax plan, signed into law, caps the deductibility of state and local taxes at $10,000, effectively raising property taxes and reducing home values in New York and in states across the country.

New York State Conference of Mayors Executive Director Peter A. Baynes said, “As the capping of the SALT deduction has become a painful reality for New York, our city and village leaders have been doing all they can legally to allow full or partial prepayment of 2018 property taxes in 2017. Fortunately, today’s decisive action by Governor Cuomo will assist our members as they help their residents deal with the negative financial impacts federal tax reform will have on millions of New Yorkers.”

December 24, 2017

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