After Federal Overhaul, States Weigh Changes to Their Tax Codes
- Local lawmakers in high-tax states brainstorm workarounds
- ‘Please send your ideas,’ said one New York state legislator
Photographer: Craig Warga/Bloomberg
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After Congress passed the most significant overhaul of the nation’s tax code in decades, lawmakers in high-tax states are preparing changes of their own.
Their concern is the new limit on the amount of state and local taxes citizens can deduct on their federal filings will be capped at $10,000, an amount lower than the current average deduction in Connecticut, New Jersey, and New York, according to Moody’s Investors Service.