There’s a state fiscal crisis after all. Plus, old people have all the money.
[H]igh-tax states do not like to lose high-income emigrants, and will check to make sure that former residents really have moved and are not simply pretending that their winter home is their permanent domicile.
“New York is the most aggressive, probably followed by California,” said Bob Meighan of TurboTax. “New York has a long reach and will go after retirees, in particular.”
And one more thing – keep those receipts!
David Moise [of] WeiserMazar[s], said that there are two forces at work there. “More people are leaving because of the disparity in income and estate taxes, and New York is becoming much more aggressive about examining those people because there’s much more of a need for revenue,” he said.
“The state will come in and ask for ‘clear and convincing evidence’ that a person who keeps his New York ties has really moved to Florida, or elsewhere,” he said. At WeiserMazar[s], clients have had to produce phone bills, credit card statements, apartment measurements and EZ pass receipts to prove that they no longer spend most of their time in New York.
Low-tax states attract budget-conscious Americans [Reuters]
