State taxes

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.

State governments are worried about the potential loss of tax revenue after passage of the Tax Cuts and Jobs Act and may be forced to restructure their tax laws.

New York Governor Andrew Cuomo said his administration plans to sue the federal government over the new Republican tax law, on the grounds that it’s unconstitutional because it discriminates against New York and other states that voted against President Donald Trump.

Local jurisdictions in high-tax states are grappling with changes from the tax reform act.

The tax reform legislation that Congress approved Wednesday has a number of complexities that could prove problematic for tax professionals and their clients.

Senate Republicans passed the most extensive rewrite of the U.S. tax code in more than 30 years, a bill that delivers a deep, permanent tax cut for corporations and shorter-term relief for individuals.

President Donald Trump could benefit from some of the business provisions in the tax bill that could be headed for his signature this week, White House Press Secretary Sarah Huckabee Sanders said Tuesday.

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.

At the end of every year, millions of Americans can make strategic moves to shave a few bucks off their April tax bill. Right now, millions more should be able to get into the act, with Congressional Republicans poised to pass a 503-page law that fundamentally restructures the U.S. tax code.

Congressional leaders worked quickly to finalize compromise legislation for floor votes next week in an all-out effort to provide themselves and President Donald Trump with a major policy victory before the end of 2017. Here are the latest developments, updated throughout the day.

The dearth of Republicans representing New York in Congress is partly to blame for the proposed eliminations of state and local tax deductions that will dramatically impact the state, said Jim Tisch, chief executive officer of Loews Corp.

The White House supports tweaking final tax legislation to appease lawmakers who want to let constituents deduct state income taxes, according to National Economic Council Director Gary Cohn.

House and Senate Republicans are working this week on compromise tax-overhaul legislation in an effort to send it to President Donald Trump by the end of the year.

House and Senate lawmakers plan to begin working this week on compromise tax-overhaul legislation—a key step in their drive to send a package of tax cuts for corporations and individuals to President Donald Trump by the end of the year. Here are the latest developments, updated throughout the day:

Taxpayers can expect many of their cherished deductions for charitable contributions, family members, and state and local taxes to go away under the Senate tax reform legislation.

U.S. President Donald Trump plans to meet Tuesday with Senate Republicans in a crucial week for his presidency and his tax plan that could decide whether he ends his first year with a major legislative achievement.

The state is trying to duplicate its success with movies by offering breaks to the music business.

Republican lawmakers are scrambling to lock up the votes needed to finalize a tax bill that can make it to President Donald Trump’s desk by the end of the year, without the benefit of an important estimate of its possible economic benefits.

Even Bruce McGuire, founder of the Connecticut Hedge Fund Association, understands if wealthy Northeasterners flee the region due to changes in the tax code.