Our New York City Tax Office provides ongoing updates to NYS tax codes including the following update. If you have any questions about taxes in New York, please contact our office.
New Jersey Gov. Philip Murphy released his 2019 fiscal year budget plan, which contains several recommendations affecting the state’s income and sales tax law. Suggested tax law changes include:
- increasing the Earned Income Tax Credit (EITC) over a three-year period to 40% of the federal EITC (currently 35%);
- creating a child and dependent care tax credit;
- raising the property tax deduction to $15,000 (currently $10,000);
- adding a 10.75% “millionaire’s tax;”
- modernizing business taxes through combined reporting with a limited water’s-edge election, market-based sourcing, and taxing international holding companies;
- taxing, on a one-time basis, the deemed repatriation of foreign-held assets;
- restructuring the Neighborhood Revitalization Tax Credit (NRTC) program;
- restoring the sales and use tax rate to 7%;
- modernizing the sales tax base to include ridesharing services, transient accommodations, and certain remote sales; and
- legalizing, regulating, and taxing marijuana sales to adults.
Watch for continued updates on the tax impacts of this new New York State budget plan from our New York City accounting office.