State and Local Tax Credit Programs – Businesses May Get What Individuals Cannot

Volume 6 No 4   |   Read Article

By Nina Krauthamer and Rusudan Shervashidze

Since recent Federal tax law changes have capped the state and local tax deduction for individuals to $10,000, many states have been trying to implement solutions to help alleviate the effects of the change. New York State has introduced two programs to get around the $10,000 limitation: New Yorkers can make payments to state charitable programs and receive a credit against N.Y. income tax or, alternatively, use an Employer Compensation Expense Program. Nina Krauthamer and Rusudan Shervashidze look at the back and forth between N.Y. and Federal regulators.   See more →