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(Bloomberg) — 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.
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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.
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“Many of the tax benefits in the federal legislation passed in Washington this summer will continue to go to those with higher incomes,” DiNapoli said in a statement.
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Roughly one-third of these tax cuts will go to households earning more than $500,000, while low- and middle-income New Yorkers will feel little benefit, according to the Monday report.
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New York has faced this choice before. After Trump’s 2017 tax cut, state lawmakers passed legislation to decouple from certain provisions, like changes to the child tax credit, to prevent a blow to revenue. DiNapoli warned last month the state faces a three-year budget gap of $34 billion.
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The state comptroller’s office said it cannot determine how much New Yorkers would save or how much revenue the state could lose if lawmakers choose not to decouple from the federal tax code.
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“This was a lost opportunity to improve the tax code; instead, the new federal law adds complexity and creates inequities,” DiNapoli said.
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