Senator Bonacic Supports Legislation Protecting Middle-Class Taxpayers in New York

(Albany, NY)- State Senator John J. Bonacic (R/C/I-Mt. Hope) voted in favor of legislation today that will protect middle-class taxpayers in New York from $1.5 Billion in new and higher taxes, and prevent the state from receiving a windfall from recently enacted federal tax changes. Without passage of this bill and its subsequent decoupling of the state and federal tax codes, millions of taxpayers would be taxed again at the state level as a result of actions taken in Washington, D.C.

The bill, S.6974A, amends Tax Law section 607 to hold the New York State personal income tax law harmless for any changes made to the federal Internal Revenue Code (IRC) after December 1, 2017, which pre-dates the enactment of the federal Tax Cuts and Jobs Act.

“This legislation is another component of a comprehensive “Affordability Agenda” that Senate Republicans have advanced as part of our “Blueprint for a Stronger New York,” said Senator Bonacic. “I will continue to work with my colleagues in the Senate and Assembly to blunt any negative impacts that the federal tax overhaul may have on middle-class taxpayers in New York State.”

The bill has been sent to the Assembly for consideration.