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

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

Landlords take another hit: Cuomo signs expanded Loft Law
Governor Andrew Cuomo (Credit: Getty Images)

Cuomo wants to exempt NYC from prevailing wage bill

Cuomo wants to exempt NYC from prevailing wage bill
Economic Development Corporation CEO James Patchett (Getty; iStock)

EDC’s $58M in Times Square rent mostly sunk into ferries

EDC’s $58M in Times Square rent mostly sunk into ferries
(Getty, iStock)

“25% is a starting point”: Indoor dining returns to NYC today

“25% is a starting point”: Indoor dining returns to NYC today
Governor Andrew Cuomo (Getty; Pixabay)

Landlords, tenants react to Cuomo’s latest eviction ban

Landlords, tenants react to Cuomo’s latest eviction ban
(Getty)

“On the verge of a tragedy:” The stark numbers of a pandemic-hit NYC

“On the verge of a tragedy:” The stark numbers of a pandemic-hit NYC
City Council member Brad Lander and Mayor Bill de Blasio (Getty; iStock)

Rezoning Gowanus, de Blasio’s shot at redemption, is no sure thing

Rezoning Gowanus, de Blasio’s shot at redemption, is no sure thing
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...