Tax Alert: A Drafted New York State Bill Could Alleviate Burden of SALT Deduction Cap Imposed by the Tax Cuts and Jobs Act
A discussion draft has been disseminated by the New York State Department of Taxation and Finance that establishes several state-level tax reforms to preserve state and local tax deductibility for individuals on certain non-wage income. The draft language would establish an Unincorporated Business Tax (UBT), levied at a 5% rate on partnership income that is…
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