Cuomo Signs Bill to Drop New Federal Breaks in NYC Tax

New York Gov. Andrew M. Cuomo on Wednesday approved a bill to make sure that a batch of pandemic-related business tax breaks passed by Congress in March won’t apply to New York City income tax laws.

The bill (A10519/S8411), passed by the state Legislature May 27 during its first-ever remote session, marked the second time lawmakers chose to opt out from taxpayer-favorable provisions of the coronavirus rescue package known as the CARES Act. New York acted in April to drop the federal law’s expanded deductibility of interest payments from state and city income tax, to try ...