State tax revenues

New York state lawmakers could punch a $50.6 billion hole in the federal government’s budget by revamping their state income tax.

New York state would end income taxes on wage earners and make up the revenue with an employer payroll tax that’s federally deductible as part of a restructuring plan that Governor Andrew Cuomo is recommending to mitigate harmful effects of the new U.S. tax code.

The U.S. Supreme Court will consider freeing state and local governments to collect billions of dollars in sales taxes from online retailers, agreeing to revisit a 26-year-old ruling that has made much of the internet a tax-free zone.

In liberal bastions like metro New York and California, the Trump tax overhaul has been criticized as economic warfare. But as elements of the plan come into focus, tax experts are concluding that some of the most dire predictions for high-tax blue states—particularly surrounding the treatment of state and local taxes—may not pan out as feared.

New Jersey’s governor-elect joined a chorus of leaders in Democratic states who are proposing workarounds for their residents to avoid new caps on state and local tax deductions—even as a top Trump administration official suggested the federal government might act to limit such strategies.

The Trump administration may try to block potential plans by high-tax states including New York and California to shield residents from state and local tax break changes, according to White House economic adviser Gary Cohn.

Before the ink was dry on the Republican tax bill signed into law late last month, experts predicted that state governments would try to shield their residents from tax hikes they’ll suffer from a sharp reduction in state and local deductions.

More than 50 percent of New Jersey CPAs are in favor of legalizing recreational marijuana in the Garden State, but 47 percent are opposed, according to a new poll by the New Jersey Society of CPAs.

State and local governments could gain between $8 billion and $13 billion in tax revenue this year if states were given the authority to require sales tax collection from all remote sellers, such as e-commerce websites, according to a new government report.

Congress examines a proposal that would ‘codify Quill.’