Report lays out NY's options in wake of federal tax overhaul

Here's one way New York could fight back against the new federal tax code: allow people to make fully deductible charitable donations to the state in lieu of their state taxes.

Posted: Jan 18, 2018 12:21 PM

ALBANY, N.Y. (AP) - Here's one way New York could fight back against the new federal tax code: allow people to make fully deductible charitable donations to the state in lieu of their state taxes.

That's one idea from a state report issued Wednesday that examines how New York could respond to the tax changes enacted by Washington Republicans. The law caps a deduction for state and local taxes, meaning many people in high-tax states like New York will see tax increases.

Democratic Gov. Andrew Cuomo says he wants to restructure state taxes to reduce the federal increases without hurting the state's bottom line.

Another idea is a payroll tax, which would partially or fully replace the existing state income tax.

Any changes would be negotiated with lawmakers over the next several months.

(Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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