New York State Comptroller Thomas DiNapoli is warning that potential tax code changes could hurt New York residents. DiNapoli's office reports that the proposal scripted by Republicans and the Trump Administration could cost state residents $72 billion in lost tax reductions. Several existing deductions along with the child tax credit and depreciation are all thought to be susceptible to the bill, and the restructuring is expected to filter down to state and local taxes as well.
DiNapoli predicts that such changes could lead to higher tax bills for many state residents.
