Tax Committee Webinar: Senate and Assembly Budget Tax Proposals
We will be hosting a web-based Tax Committee Meeting at 3:00 pm on Monday, March 18 to review tax initiatives included in Senate and Assembly one house budget resolutions.
The full text of the Senate revenue bill is here.
The full text of the Assembly revenue bill is here.
This session will go through these counterproposals, provide an update on Business Council advocacy efforts, and seek additional input from Tax Committee members.
“Hightlights” include:
- Both houses “accepted” the Executive Budget on apportioning GILTI. The Business Council continues to push for an exemption, as put forth in A.5962. This remains an open, active issue.
- Despite a recent push on legislation decoupling from cap on interest deduction, neither house included it in their resolutions. It seems unlikely for this budget cycle.
- The Assembly re-introduced its FY2019 proposal for three additional personal income tax brackets topping out at 10.32% over $100 million, a proposal estimated to add up to $2 billion in annual revenues.
- The Senate omitted, but the Assembly included, the Executive Budget proposal for a “carried interest fairness tax,” contingent upon adoption by neighboring states.
- The Executive Budget’s marketplace provider proposal is accepted by both houses, with the Assembly including an opt-out provision for venders who prefer to continue to manage their own direct sales tax collection and remittance.
- Both houses are proposing a “pied-a-terre” tax for properties in New York City, a concept that Governor Cuomo has supported.
As always, please contact me with any comments or questions on specific issues. I can be reached at (518)- 694-4460 and [email protected].