Sen. Schumer hopes to restore full SALT deductionPosted: Updated:
Sen. Chuck Schumer was in Westchester today, vowing to help homeowners in the parts of the Hudson Valley who could lose tens of thousands of dollars as part of a federal tax law.
Homeowners along Coralyn Avenue in White Plains are losing their hard-earned cash to the federal government under a tax law. The tax law currently in effect eliminates a state and local tax deduction, also known as the SALT Deduction. It's places a $10,000 cap on state and local taxes.
Many people in Westchester, Putnam and Rockland rely on the tax deduction, especially because property taxes are some of the highest in the nation.
Schumer says he'll use his special legislative power to overturn a recent IRS decision through the Congressional Review Act, in hope of once again making New York State homeowners eligible for their full SALT deduction without a cap. “In many places you can give the money to your school district as a charitable deduction instead of paying them as a property tax. New York State passed such a law and that would allow Trudy and Joe and all the homeowners a sigh of relief.”
Sen. Schumer says he'll put a resolution on the Senate floor in late September or early October.