NY Reps Reintroduce Bill To Restore Full SALT Deduction
Two New York congressional representatives are reintroducing legislation to fully restore the state and local tax deduction that was curtailed by federal tax legislation President Trump signed in December 2017. The two lawmakers had introduced a similar measure this time last year.
Democratic Chairwoman of the House Appropriations Committee Nita Lowey and Republican Long Island Congressman Peter King on Thursday reintroduced the Securing Access to Lower Taxes by ensuring Deductibility Act of 2019, or SALT Deductibility Act. The measure would repeal the $10,000 limit on the SALT deduction. Lowey says the SALT deduction was a major source of tax fairness for high-taxed states like New York, where 35 percent of taxpayers deduct an average of more than $22,000 every year. In Lowey’s 17th District, the rate is even higher, with 45 percent of taxpayers relying on the SALT deduction at an average of $26,000.