Fight To Uncap SALT Deduction Waged On County And Federal Fronts

Long Island Press | April 02, 2019

In Suffolk County, the fight to uncap the deduction of state and local taxes, which was limited to $10,000 by the 2017 federal tax law, is being fought on two fronts. On the local level, Suffolk County Executive Steve Bellone is planning a “charitable gift reserve fund” as an end-run around the new law. It’s designed to allow the county’s homeowners to be able to receive a full federal deduction for the cost of their property taxes by instead paying them as a charitable donation. On the federal level, U.S. Rep. Lee Zeldin (R-Shirley) is working with a bipartisan coalition toward reinstating the deduction, known as SALT, for “state and local taxes.” Before the new tax law, sales, income and property taxes paid were deductible when determining taxable income at the federal level, and there was no cap on the deduction. With SALT deductions now capped at $10,000 and the standard deduction pegged at $12,200 for single filers and $24,400 for married couples for 2019 the tax benefit of being a homeowner in New York has become nonexistent for many. It also means the same money is being taxed twice, first by local and state governments, and then by the federal government.

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Whether the Great Recession has ended remains debatable in the second quarter of 2010, though many economists believe that the recession, begun in December 2007, probably ended sometime in the third or fourth quarter of 2009. Recovery also remains debatable. Fears over a double-dip recession persist. Data sources are contradictory…

Spotlight

Whether the Great Recession has ended remains debatable in the second quarter of 2010, though many economists believe that the recession, begun in December 2007, probably ended sometime in the third or fourth quarter of 2009. Recovery also remains debatable. Fears over a double-dip recession persist. Data sources are contradictory…

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