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New York: Legislation would create a state income tax credit to offset loss of state and local tax deduction

Certain high-tax states are preparing for the worst as Congress debates eliminating deductions for state and local income, sales, and property taxes from federal liability as part of its tax code overhaul. New York is one such jurisdiction. On Nov. 22, 2017, Sen. Simcha Felder, whose district covers a portion of Brooklyn, and contains about 300,000 residents, introduced legislation that would amend the state’s tax law by establishing a tax credit equal to any increase in federal tax liability, should “residents no longer being able to deduct state and local taxes from their federal income.”

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