Preliminary Report on the Tax Cuts and Jobs Act of 2017
The passage of the federal Tax Cuts and Jobs Act (TCJA) will have a significant impact on the economy and tax system of New York State.
The Department of Taxation and Finance presents this preliminary report to the Governor to outline options for State tax reform in response to the Act. The report presents a series of proactive options the state may consider to mitigate the negative impacts that the Act would have on the State’s economy and working families. The report is divided into four sections.
- Part I outlines a proposal to increase charitable giving in New York
- Part II discusses various options for reducing the State’s reliance on the Personal Income Tax and adopting an employer compensation expense tax, including the possibility of a voluntary employer opt-in system;
- Part III outlines options for consideration of an unincorporated business tax;
- Part IV discusses the impacts of the TCJA on New York’s tax system and potential responses.
The Department welcomes your input as we continue to analyze options to respond to these federal tax changes. Please send comments to email@example.com.