ALBANY, N.Y. (AP) - New York Gov. Andrew Cuomo says taxpayers can soften the blow of the federal tax overhaul by paying some of their local property taxes now so they can deduct the payments from their 2017 federal taxes.
The Democratic governor signed an executive order Friday allowing New Yorkers to pre-pay their 2018 taxes to local governments and schools by Jan. 1 and claim the deduction on their 2017 taxes. The new tax code will cap the deduction for state and local taxes at $10,000.
Some local governments and school districts may have to issue tax warrants or take other steps to accept early payments. With only days left in the year Cuomo conceded pre-payment may not be an option in some communities and may be financially difficult for some households.