Governor Andrew M. Cuomo announced he will travel to Washington D.C. tomorrow to meet with President Trump on the devastating impact of the elimination of full state and local tax deductibility. Earlier this month, Governor Cuomo and State Comptroller DiNapoli delivered an update on State revenues, after the Division of the Budget observed a decline by $2.3 billion in estimated payments of Personal Income Tax receipts in December and January. The Governor and Comptroller attributed the decline to the federal tax legislation’s elimination of full state and local tax deductibility, which disproportionately impacted New York and other predominantly Democratic states.
Amendments to the 2020 Executive Budget will include revisions to reflect updated impacts to the State financial plan. While other states have experienced the detrimental impacts of SALT, as the number one donor state in the country sending Washington $35.6 billion each year, New York continues to feel the disproportionate effect.
