Bloomberg Tax
December 3, 2018, 8:19 PM UTC

Nearly 300 New York Companies Opt for Tax Deduction Workaround

Gerald B. Silverman
Gerald B. Silverman
Staff Correspondent

An unexpectedly high number of employers have opted into New York’s voluntary payroll tax, one of two workarounds enacted by the state in response to the 2017 federal tax law’s state and local deduction cap.

According to the Division of the Budget, 262 businesses registered for the program by the Dec. 1 deadline. The state isn’t able to disclose details about the companies because of tax privacy laws, Morris Peters, a spokesman for DOB told Bloomberg Tax.

“The fact that hundreds of employers have registered for the alternative Employer Compensation Expense Program shows that the business community is taking this ...

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