New York State Could Create Tax For Pass _ price chart bitcoin

Pass-through business owners may want to be wary of one of gov. Andrew cuomo’s ideas for restructuring the new york state tax code.

Cuomo is exploring a variety of options to get around a $10,000 cap on state and local deductibility, part of the federal tax plan. He has called the plan an arrow aimed at new york’s economic heart for how it would affect this high-tax state, where many wealthy earners pay more than $10,000 in state and local income and property taxes.

One of the ideas the state is exploring to skirt the cap is creating an unincorporated business tax, meant for certain types of pass-through businesses, where the owners claim income on their personal returns.

Pass-through businesses can include sole proprietorships, partnerships and S-corporations.

About 95 percent of the businesses in the united states are pass-throughs, according to the brookings institute.Price chart bitcoin

E.J. McMahon, the research director of fiscally conservative research group empire center for public policy, said the idea could mean higher taxes later on.

The problem is once you have a new platform, you’ve created a new way for the state to increase taxes in the future, mcmahon said.

New york had an unincorporated business tax in the past – it was repealed in 1982. McMahon said that tax was widely disliked. The existing new york city unincorporated business tax – which is imposed on certain types of businesses at a rate of 4 percent on taxable net income allocated to the city – is also unpopular, mcmahon said.

The state tax department report said an unincorporated business tax could either be imposed at a certain rate on net income, like in new york city, or it could be a flat fee. Each option would only apply to certain business structures.Price chart bitcoin

If the tax was a flat fee, it could be remitted on a quarterly basis, and would be increased to provide a desired level of revenue, the report said.

McMahon had serious concerns about that wording.

That should give people the creeps, mcmahon said. Your antennae have to go up and start quivering when you read something like that.

Pass-through business owners are subject to the $10,000 cap on deductibility. An unincorporated business tax would instead allow those owners to continue to fully deduct their business-related taxes. The state would then credit part or all of the tax on the owners’ personal income taxes.

New york is also exploring creating a payroll tax, assessed on employers instead of employees.

An employee would no longer pay their state income tax – instead, their employer would pay the tax and then reduce the worker’s wages by that amount.Price chart bitcoin revenue for the state would be neutral, and the employer would be able to deduct the tax on the federal level.

Heather briccetti, president and CEO of the business council of new york state inc., is one of the business leaders concerned about the payroll tax idea.

What happens when you have a budget deficit that’s even bigger? Briccetti said. It’s really easy to turn that dial.

Cuomo’s office is working on 30-day amendments for the executive budget, which did not include a specific restructuring plan. The state’s budget is due april 1.

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