New York City Council Header
File #: Int 1212-2018    Version: * Name: Requiring an evaluation of measures the city or state of NY can implement to mitigate the impact on taxpayers of the limitation on the deduction for non-business state and local taxes for federal income tax purposes.
Type: Introduction Status: Committee
Committee: Committee on Finance
On agenda: 10/31/2018
Enactment date: Law number:
Title: A Local Law in relation to requiring an evaluation of measures the city or state of New York can implement to mitigate the impact on taxpayers of the limitation on the deduction for non-business state and local taxes for federal income tax purposes
Sponsors: Ritchie J. Torres, Justin L. Brannan, Kalman Yeger
Council Member Sponsors: 3
Summary: This local law would require the Department of Finance, or other agency or office designated by the Mayor, to conduct an evaluation of measures that New York City or State could implement to mitigate the impact on taxpayers of the limitation on the deduction for non-business state and local taxes as set forth in the Tax Cuts and Jobs Act of 2017. Such report must include recommendations and be submitted to the Speaker and Mayor no later than December 31, 2018.
Indexes: Report Required
Attachments: 1. Summary of Int. No. 1212, 2. Int. No. 1212, 3. October 31, 2018 - Stated Meeting Agenda with Links to Files

Int. No. 1212

 

By Council Members Torres, Brannan and Yeger

 

A Local Law in relation to requiring an evaluation of measures the city or state of New York can implement to mitigate the impact on taxpayers of the limitation on the deduction for non-business state and local taxes for federal income tax purposes

 

Be it enacted by the Council as follows:

Section 1. The department of finance, or other office or agency designated by the mayor, shall conduct an evaluation of measures the city or state of New York can implement to mitigate the impact on taxpayers of the limitation on the deduction for non-business state and local taxes, as set forth in section 11042 of the tax cuts and jobs act of 2017, as enacted by public law 115-97. Such evaluation shall include recommendations regarding the feasibility, practicability, and costs of each of the measures identified. The department of finance, or other office or agency designated by the mayor, shall report the findings and recommendations of such evaluation to the speaker of the council and the mayor by no later than December 31, 2018.

§ 2. This local law takes effect immediately.

 

 

 

 

 

RKC

LS #5220

7/13/18