New York—Personal Income Tax: Pending Law Changes for Fiduciary Return Filers Discussed

09 April 2019

New York announced that it is developing guidance to address pending budget legislation amendments that affect 2018 Form IT-205 filers having certain deductions. Once signed into law, the amendments related to the following deductions will be effective retroactive to January 1, 2018:

  • IRC Sec. 199A deduction;
  • deduction for foreign real property taxes;
  • deduction for taxes under IRC Sec. 164 that was limited to $10,000; and
  • miscellaneous itemized deductions disallowed under IRC Sec. 67(g).

These amendments are contained in Part BBB of S.B. 1509.

For taxpayers concerned about how these changes may affect their 2018 return, the state has suggested requesting an extension of time to file.

Update to 2018 Form IT-205-I, New York Department of Taxation and Finance, April 9, 2019