Prepayment of School Property Taxes — Updated Information

December 28th, 2017 by Robert Lowry

Below is the guidance the Council sent out Tuesday (December 26) to its members on Governor Andrew Cuomo’s executive order to facilitate prepayment of property taxes to enable taxpayers to benefit from deductibility on their 2017 federal tax returns. We are supplementing it here with additional information arising from new guidance issued by the Internal Revenue Service late yesterday afternoon.  Read the rest of this entry »

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SALT and Schools

November 1st, 2017 by Robert Lowry

New York State had a narrow escape from potential catastrophe when Republican efforts in Washington to repeal and replace the Affordable Care Act failed once again in September. The Cassidy-Graham proposal would have stripped billions of dollars in Medicaid funding from the state budget and jeopardized health care coverage for an estimated 2.7 million New Yorkers, including perhaps one million children.

A new threat has emerged in the form of federal tax reform. Last week the House of Representatives passed an outline of federal budget for 2017-18 which envisioned ending deductibility of state and local taxes, referred to as “SALT.” Any reduction in SALT deductibility would be damaging for New York State and ultimately for schools. House leadership now plans to release its actual tax reform legislation this week. Read the rest of this entry »

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