SALT deduction

New York State Capitol
flickr

The newly approved New York state budget includes a work around for the partial loss of state and local tax deductions in the federal tax overhaul.

Donkey Hotey/Flickr

Two New York Congress members have introduced a bipartisan bill to restore the SALT, or state and local tax deduction. The federal tax legislation President Trump signed last month curtails the deduction that many depend on in high-tax states like New York.