NY Plan to Split From Trump Tax Breaks Would Save $1.4 Billion

Top New York lawmakers are coalescing around legislation to sever the state’s tax code from business tax breaks included in the federal tax law President Donald Trump signed last July, a move state budget officials expect will preserve $1.4 billion in revenue.

Gov. Kathy Hochul’s (D) $260 billion budget plan, introduced Tuesday, would block the state from adopting two new expensing practices in the GOP tax-and-spending package. One allows “qualified production facilities” like manufacturers to deduct the full cost of equipment or property in the first year it was purchased. Another provision permits businesses to immediately write off research ...