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New York Representatives Introduce Bi-Partisan Bill To Restore “SALT” Deductions

Reps. Peter King (R-L.I.) and Nita Lowey (D-Westchester) have re- introduced their bipartisan legislation that would retroactively restore the full State and Local Tax (SALT) deduction that was capped as part of the GOP’s 2017 tax reform measure.  The bill would repeal the $10,000 cap on SALT deductions. Rep. King said New Yorkers already get “short changed” by the federal government, getting 79 cents back from Washington for every dollar they pay in taxes – or a shortfall of $48 billion annually. He called the SALT cap a “disgrace.” Rep. Lowey, the new chair of the powerful House Appropriations Committee, noted the legislation “ensures that New York families see tax relief, not more tax burdens.” Meanwhile, Rep. King and Rep. Tom Suozzi (D-L.I.) also announced new legislation to re-instate the SALT tax deductions. Gov. Cuomo has also urged repeal of the cap. He and state legislatures also backed legislation allowing local governments to create charitable vehicles for donations that can be deductible in an effort to workaround the cap.

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