New York Legislature Advances Bill to Drop Virus Tax Breaks for NYC

New York state legislators are seeking to make sure a batch of pandemic-related business tax breaks passed by Congress in March won’t apply to New York City income tax laws.

The state was the first to opt out of the coronavirus rescue package known as the CARES Act as a means of coping with revenue losses from the pandemic when it acted in April to block from state and city taxes the expanded deductibility of interest payments. A new bill (A10519/S8411) is moving quickly through a truncated remote legislative session that would further decouple city tax laws from ...