Int. No. 1212
By Council Members 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