New Yorkers May Face Another Tax Increase, but From Within

 

By Vivian Wang

ALBANY — If Gov. Andrew M. Cuomo’s warnings about the apocalyptic impact of the new federal tax plan had not succeeded in alarming New Yorkers, state lawmakers last week gave it their best shot.

They described a fresh financial catastrophe to accompany the rewrite from Washington — but this one, they said, would come from within.

The issue is something called conformity, or the widespread linkage between state and federal tax codes. Conformity is designed to make filing easier for taxpayers and enforcement easier for revenue agencies, said Robert Zahradnik, who studies state fiscal policy at the Pew Charitable Trusts.

Of the 41 states that levy a personal income tax, nearly all of them structure at least parts of their tax codes around the federal one, Mr. Zahradnik said.

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Source: The New York Times (via Empire Report New York)