Governor Cuomo signed Executive Order No. 172 (“Executive Order”) allowing the pre-payment of 2018 property taxes by December 31, 2017 in response to the new federal limitation on the deductibility of state and local taxes. Notwithstanding the Executive Order, it remains unclear whether the Internal Revenue Service will permit tax deductions of pre-paid property taxes. Guercio and Guercio clients may view the entire memorandum which is intended to address some of the questions that have arisen regarding its impact on school districts, in the client portal.
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