Cecily Zamora
Governor Andrew Cuomo of New York has signed several pieces of legislation relating to income tax. Notably, in 2019, he signed a bill allowing congressional committees to access President Trump's state tax returns. This law was designed to address Trump's refusal to release his tax returns and applied to state income tax returns for elected officials, party leaders, and top public officials. Additionally, Governor Cuomo has taken action to protect New Yorkers from the negative impacts of federal tax laws, including fighting for tax fairness, protecting non-profits from tax hikes, and providing tax relief and cuts for middle-class residents during the COVID-19 pandemic.
| Characteristics | Values |
|---|---|
| Name of the governor | Andrew M. Cuomo |
| State | New York |
| Year | 2019 |
| Date | July 8 |
| Purpose of the law | To allow congressional committees to access the president's state tax returns |
| Committees with access | House Ways and Means Committee, Senate Finance Committee, Joint Committee on Taxation |
| Concern | Tax privacy of everyday New Yorkers |
| Solution | State tax officials would be required to redact personal information |
| Position taken by Republicans | That the law goes far beyond Trump |
| Position taken by Democrats | That the law is a workaround to a White House that continues to obstruct and stonewall |
| Governor's campaign | Tax Fairness for New York Campaign |
| Objective of the campaign | Combat the anticipated impacts of the federal tax law |
| Governor's leadership | New York was the first state to take action to protect residents from the federal administration's elimination of full state and local tax deductibility |
| Governor's announcement | Continuation of middle-class tax cuts to help New Yorkers recover from economic hardship during the COVID-19 pandemic |
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What You'll Learn
- Governor Cuomo signs legislation to protect non-profits from federal tax hikes
- NY Gov. Cuomo signs law allowing Congress to access Trump's state tax returns
- Governor Cuomo announces states joining the campaign for tax fairness
- Governor Cuomo signs FY 2022 budget, announces continuation of middle-class tax cuts
- Governor Cuomo signs legislation to provide new options for charitable contributions
Governor Cuomo signs legislation to protect non-profits from federal tax hikes
Governor Andrew M. Cuomo of New York has signed legislation to protect non-profits from federal tax hikes. The legislation, known as S.08831/A.11051, aims to decouple the New York State tax code from changes made to the federal Unrelated Business Income Tax (UBIT) by the Federal Tax Cuts and Jobs Act. This change considered the amount paid or incurred by non-profit employers for commuter benefits, such as transit or parking, as taxable income.
Senator Michael H. Ranzenhofer commended Governor Cuomo's action, stating that the change to the federal unrelated business income tax hurt non-profits in New York and put many at risk. Assemblywoman Amy Paulin echoed similar sentiments, emphasizing the importance of preventing this unintended tax at the state level for employees, employers, and those relying on the non-profit sector.
Governor Cuomo stated that the federal tax bill unfairly raises costs on non-profits operating in New York State. By decoupling from this area of the federal tax code, New York is taking a stand against the federal assault on these critical organizations and expressing its support for the non-profit community. Lieutenant Governor Kathy Hochul also commented, calling the federal tax bill "an attack on hardworking New Yorkers."
This legislation demonstrates Governor Cuomo's commitment to supporting non-profits and ensuring that they are not burdened by additional taxes resulting from changes to the federal tax code. By signing this bill, Governor Cuomo has taken proactive measures to protect non-profits in New York State from potential financial strain.
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NY Gov. Cuomo signs law allowing Congress to access Trump's state tax returns
On July 8, 2019, New York Governor Andrew Cuomo signed a bill allowing congressional committees to access President Donald Trump's state tax returns. The law requires state tax officials to release the president's state returns for any "specified and legitimate legislative purpose" upon the request of the chair of one of three congressional committees: the House Ways and Means Committee, the Senate Finance Committee, and the Joint Committee on Taxation.
The measure was designed to address concerns about the tax privacy of everyday New Yorkers and to give Congress a way to access the president's tax returns, which he had refused to release. State tax officials are required to redact personal information, such as Social Security numbers and personal addresses, before handing over the documents.
The law is expected to face legal challenges from the Trump administration, with the president's personal lawyer, Jay Sekulow, calling it "more presidential harassment." It is also uncertain if the committee leaders will utilize the new law, as some Democrats on Capitol Hill fear it could complicate their quest to secure the president's tax returns.
Governor Cuomo has a history of taking action to protect New Yorkers from the impact of federal tax laws. In 2018, he launched the Tax Fairness for New York Campaign to combat the anticipated impacts of the federal tax law and provide information to New Yorkers about the state's efforts to fight it. He has also joined with other states to fight for tax fairness and protect non-profits from a federal tax hike.
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Governor Cuomo announces states joining the campaign for tax fairness
Governor Andrew M. Cuomo has announced that several states have joined New York's campaign for tax fairness. The states that have joined are Connecticut, Hawaii, Illinois, New Jersey, Oregon, Rhode Island, and Washington. The campaign was launched to fight against the elimination of full state and local tax deductibility, which has disproportionately impacted New York and other predominantly Democratic states.
Governor Cuomo stated that the federal tax law has become a windfall for the wealthy, while middle-class families face a tax hike. To combat this, Governor Cuomo launched the Tax Fairness for New York Campaign in February 2018. As part of this campaign, a website was created to inform New Yorkers about the state's efforts to fight the tax law, including a lawsuit against the federal government and an overhaul of the tax code.
In April 2018, Governor Cuomo signed legislation to provide new options for charitable contributions and create a new Employer Compensation Expense Program. This program allows employers to help their employees preserve the deductibility of wage income. Additionally, Governor Cuomo has taken action to protect non-profits from a federal tax hike by decoupling the New York State tax code from changes made to the federal Unrelated Business Income Tax.
The Governors of the impacted states are working together with their Congressional Delegations and Speaker Pelosi to reestablish full SALT deductibility and restore fairness for American taxpayers. The campaign for tax fairness aims to protect residents from the negative economic impact of the federal tax law, which has resulted in a decline in personal income tax receipts and smaller tax refunds for many Americans.
Governor Cuomo's efforts in the campaign for tax fairness extend beyond state taxes. He has also signed a bill allowing congressional committees to access President Trump's state tax returns. This bill was designed to address Trump's refusal to release his tax returns and provide transparency.
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Governor Cuomo signs FY 2022 budget, announces continuation of middle-class tax cuts
Governor Andrew M. Cuomo has signed the FY 2022 budget, which includes a continuation of tax cuts for middle-class New Yorkers. The budget provides a personal income tax credit for New York resident homeowners with incomes of up to $250,000 if their total property tax exceeds a fixed percentage of their income. This measure targets New York families with the highest property tax-to-income burden. The calculation of this credit is capped at $350 per STAR-eligible household, with a $250 credit minimum to further assist those impacted by high property taxes.
The FY 2022 Enacted Budget continues to lower personal income tax rates for middle-class New Yorkers. In 2021, the fourth year of the multi-year tax cuts enacted in 2016, income tax rates were lowered from 6.09% to 5.97% for taxpayers filing jointly in the $43,000-$161,550 income bracket, and from 6.41% to 6.33% in the $161,550-$323,200 income bracket. Over the first four years of the cuts, 4.8 million New Yorkers saved $6.6 billion. The cuts are expected to save 4.8 million New Yorkers more than $2.2 billion in 2021, and when fully phased in, middle-class taxpayers will have received an income tax rate cut of up to 20%, resulting in projected annual savings of $4.2 billion for six million filers by 2025.
Governor Cuomo has stated that the FY 2022 budget continues to support middle-class income tax cuts to aid New Yorkers in recovering from the economic hardship caused by the COVID-19 pandemic. Senate Majority Leader Andrea Stewart-Cousins has praised the budget, stating that it takes a "historic new step" towards providing meaningful property tax relief to middle-class New Yorkers. Assembly Speaker Carl Heastie has also highlighted the budget's importance in helping families across the state recover from the health and economic crises brought on by the pandemic.
In addition to the FY 2022 budget, Governor Cuomo has demonstrated his commitment to tax fairness through other initiatives. In 2018, he launched the Tax Fairness for New York Campaign to combat the negative impacts of federal tax law on the state. As part of this campaign, he created a website to inform New Yorkers about the state's efforts to fight the tax law, including a lawsuit against the federal government and an overhaul of the tax code. Governor Cuomo has also worked with other states, such as Connecticut and New Jersey, to address the elimination of full state and local tax deductibility, which disproportionately impacted New York and other predominantly Democratic states.
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Governor Cuomo signs legislation to provide new options for charitable contributions
Governor Andrew M. Cuomo of New York has signed a bill to allow congressional committees to access President Trump's state tax returns. The new law requires state tax officials to release the president's state returns for any "specified and legitimate legislative purpose" upon the request of the chair of one of three congressional committees: the House Ways and Means Committee, the Senate Finance Committee, and the Joint Committee on Taxation.
Governor Cuomo has also signed legislation to protect non-profits from a tax hike resulting from the federal tax bill. This legislation decouples the New York State tax code from a change made to the federal Unrelated Business Income Tax by the Federal Tax Cuts and Jobs Act, which considered the amount paid or incurred by any non-profit employer for commuter benefits as taxable income.
In addition, Governor Cuomo has alerted New Yorkers to a deadline to make charitable donations before politically motivated IRS regulations take effect. The FY 2019 Budget creates a new Charitable Gifts Trust Fund in the joint custody of the New York State Commissioner of Taxation and Finance and the State Comptroller to accept donations for improving healthcare and public education in the state. Contributors to the Charitable Gifts Trust Fund may choose to direct their donations to either the Health Charitable Account or the Elementary and Secondary Education Account.
Governor Cuomo's actions demonstrate his commitment to protecting the interests of New Yorkers and ensuring that their state tax returns are used for legitimate legislative purposes. By signing the legislation to protect non-profits from a tax hike, he stands up for the critical organizations that serve the community. Additionally, the Charitable Gifts Trust Fund provides New Yorkers with an opportunity to support important causes while potentially claiming tax credits for their contributions.
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Frequently asked questions
Yes, Gov. Cuomo signed a law allowing Congress to access Trump's state income tax returns.
The law was designed to give Congress access to Trump's state tax returns, as he had refused to release them.
The law was supported by many Democrats, including Sen. Brad Hoylman, a Manhattan Democrat and the Senate sponsor of the legislation.
Yes, the law was opposed by Republicans, who argued that it could be used to target any official from New York, regardless of political affiliation.
The impact of the law was that it allowed Congress to access Trump's state tax returns, which included many of the same details as his federal return.
