Town of North Hempstead Supervisor Judi Bosworth joined US Senator Chuck Schumer in Floral Park as he unveiled a new effort to restore New York State’s ability to work-around the part of the federal tax law that takes an unfair aim at Long Island by eliminating a homeowners’ SALT tax deduction, costing them tens-of-thousands of dollars.
Schumer is proposing to use a special legislative power provided under the Congressional Review Act Resolution of Disapproval to overturn a recent IRS decision which blocked New York State from working around the provision that prevents Long Island residents from claiming the full state and local tax (SALT) deduction.
The CRA legislative review is not held to the 60-vote requirement to pass the Senate, Schumer added, making it an attractive plan in this anti-New York era. Schumer reiterated just how serious the SALT issue is across Long Island. Just a few years ago, Long Island homeowners took an average SALT deduction of $20,000. And more than 690,000 households benefited. He pointed to Long Island’s Congressional districts as he made his case and launched this nationwide push.
“From the start, it seemed quite obvious that the $10,000 SALT cap was just a bad idea, especially for Long Island homeowners,” said Bosworth. “We have some of the highest property taxes in the country, so setting the limit at $10,000 for deductions, hits our local taxpayers particular hard. This is a financial assault on our communities from the north shore to the south. It’s hitting the pocket books of average, hardworking, two-income families who make their home here.”
For more information visit: https://www.schumer.senate.gov/newsroom/press-releases/schumer-unveils-new-effort-to-restore-nys-ability-to-workaround-part-of-fed-tax-law-that-takes-aim-at-li-by-eliminating-a-homeowners-salt-tax-deduction-costing-them-tens-of-thousands-senator-will-deploy-special-legislative-power-to-overturn-irs-rule-and-once-again-make-liers-eligible-for-full-salt-deduction_
Submitted by the Town of North Hempstead.
