New York has become the first state to respond to the federal government's new tax code with mechanisms intended to shield its treasury from an estimated $14 billion hit.

The "overwhelming majority" of the 7.9 million New Yorkers with adjusted gross incomes of less than $100,000 annually — about 82 percent of all state taxpayers — will see a cut in their federal tax obligation under the new code, according to an analysis by the Citizens Budget Commission, a fiscal watchdog group.