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QUESTION

Will the expiration of the state and local tax caps impact New York City's tax collection timing?

1:09:27

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The NYC Mayor's Office of Management and Budget (OMB) has not analyzed the impact of the state and local tax (SALT) cap expiration on New York City's tax collection timing yet.

Jacques Jiha acknowledges the council member's query about potential timing shifts in tax collection due to SALT cap expiration.
The OMB is awaiting new policies before evaluating their impact on the city.
There's an indication that changes to the tax policy are anticipated, but specifics are not provided.
The direct effects of SALT cap expiration on tax collection timings remain uncertain until further analysis.

Justin L. Brannan

1:09:27

Last thing for me, the the federal assault, the state and local tax caps set to expire next year, 2025, which is expected to impact the timing of New York State tax collections from PIT, personal income tax, components and the pass through entity tax, does OMB expect any shifts in the New York City tax collection timing between the fiscal years due to salt expiring?

Jacques Jiha

1:09:53

I internally, we have not yet analyzed this to see if that would have an impact on the city.

1:10:03

But again, it depends on what the new what what the change is going to be.

1:10:12

I'm assuming it's not gonna go back to, you know, the same, you know, what we had before.

1:10:17

So we have to wait to see what the new policies are before we could basically do an evaluation of these policies.

1:10:25

To give you a sense of what would be the impact on New York City.

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Was SALT expiration factored into the Office of Management and Budget's (OMB) tax forecast for Personal Income Tax (PIT)?