Overview
Peter Faber, who has been skeptical of New York State’s workarounds to the new federal tax law, said “we don’t know what action the IRS will take with respect to this and similar proposals in other states.” As for when the IRS will act, Mr. Faber suggested, “Now that New York has actually enacted a statute, they [the IRS] may want to come out with guidance, but it is possible that they will hold back for political reasons.”