Cuomo is allowing New Yorkers to prepay their property taxes

Executive order to ease burden of GOP tax reform

TRD NEW YORK /
Dec.December 26, 2017 02:00 PM

Mitch McConnell and Gov. Andrew Cuomo (Credit: Getty Images)

Gov. Andrew Cuomo signed an executive order allowing New Yorkers to prepay their property taxes in a bid to ease the burden of the GOP tax reform.

Under the new tax code, taxpayers will no longer be able to deduct state and local taxes from their federal bill once they hit a $10,000 threshold. The executive order, signed earlier this month, allows New Yorkers to deduct their 2018 local taxes from their 2017 federal tax return if they file by Jan. 1, the Associated Press reported.

Cuomo conceded that prepayment may be difficult for some households, the outlet reported.

Last week, the influential New Jersey state legislator Stephen Sweeney urged Gov. Chris Christie to make it easier to prepay property taxes.The Real Deal recently broke down how tax reform could impact New York’s real estate industry.  [AP]Konrad Putzier


Related Articles

arrow_forward_ios
Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)

Owners of some residential properties can’t hide behind
LLCs anymore

Governor Andrew Cuomo and 538 Johnson Avenue in Brooklyn (Credit: Google Maps and Getty Images)

Landlords take another hit: Cuomo signs expanded Loft Law

Governor Andrew Cuomo (Credit: Getty Images)

Cuomo wants to exempt NYC from prevailing wage bill

A photo illustration of Michael Gianaris and Jeff Bezos (Credit: Getty Images, Wikipedia, iStock)

Gianaris wants to reform NYC tax credit programs that drew Amazon

City Comptroller Scott Stringer (Credit: Getty Images)

City Comptroller Scott Stringer proposes “Tenant Bill of Rights”

Marlene Cintron, the Bronx’s head of economic development (Credit: iStock)

“It didn’t happen:” Bronx leader says Opportunity Zone program failed to deliver

Governor Andrew Cuomo and a rendering of Penn Station (Credit: Getty Images, Governor's Office)

Eminent domain could be used for Penn Station plans thanks to clause in state budget

City Council Speaker Corey Johnson and Mayor Bill de Blasio (Credit: Getty Images, iStock)

NYC’s convoluted property tax system could get a big reboot

arrow_forward_ios
Loading...