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