Malliotakis: ‘Assembly Must Act On Tax Changes’
Today, Assemblywoman Nicole Malliotakis (R,C,I-Brooklyn/Staten Island) stressed the need to amend the state tax law to decouple the New York State Personal Income Tax from the recently amended federal tax code to protect New Yorkers from additional New York State taxes. The bill holds harmless New Yorkers who may have to pay more in state income taxes due to the federal changes and prevents the state from benefitting from the sudden revenue increase of $1.56 billion in taxes. Malliotakis is among a bi-partisan group sponsoring A09061A that would:
- Decouple New York State Personal Income Taxes from Federal Personal Income taxes
- Amend the technicality that treats single taxpayers as dependent filers, requiring them to claim a lower standard deduction.
- Repeals the requirement that a taxpayer must itemize their taxes on the federal level in order to itemize their taxes on the state level.
“The biggest increase on New York taxpayers due to the Federal Tax Cuts and Jobs Act is a technicality in state law that would result in single taxpayers being treated as dependent filers, requiring them to claim a lower standard deduction,” said Malliotakis. “It is within complete control of the Governor and Legislature to prevent this budget windfall that will burden our state’s taxpayers and we must act swiftly to ensure New Yorkers will not see a tax increase when they calculate their state personal income taxes.”
The State Senate passed the bill on January 23.