NY May Need to Decouple to Avoid Federal Tax Law Hit: DiNapoli

New York State’s revenue could feel the impact of the new federal tax law as soon as next year unless it decouples its tax code from federal law, according to a report from State Comptroller Thomas DiNapoli.

The “One Big Beautiful Bill Act” President Donald Trump signed earlier this year extends the tax cuts implemented in his first term and allocates billions of dollars to defense and immigration enforcement, while slashing funding for health-care programs, food assistance and clean-energy projects.

“Many of the tax benefits in the federal legislation passed in Washington this summer will continue to go to ...