Rye town officials decry US Treasury's new federal tax rules

<p>Town of Rye officials are decrying new rules from the Trump administration that aim to block high-tax states from getting around a cap on state and local deductions.</p>

News 12 Staff

Aug 24, 2018, 10:13 PM

Updated 2,160 days ago

Share:

Town of Rye officials are decrying new rules from the Trump administration that aim to block high-tax states from getting around a cap on state and local deductions.
The Treasury Department's newly released rules target moves by states like New York, New Jersey and California - where residents could see substantial increases in their federal tax bills next spring because of the $10,000 cap.
Town Supervisor Gary Zuckerman says the town council passed a resolution that provides a loophole for residents of Rye, Rye Brook, Port Chester and those living in the Blind Brook School District to get around the new federally mandated $10,000 cap on state and local taxes. Instead of paying property taxes the normal way, the resolution would have allowed homeowners to donate that money to the town's charitable fund.
However, the Treasury Department's new rule released Thursday will prevent taxpayers from skirting around the cap.
Zuckerman says Rye officials will continue to fight. He is encouraging homeowners to talk to their accountants.
Tax expert Andrew Kabatchnick says homeowners who try to get around the tax cap by making charitable donations will be opening themselves up for an audit.


More from News 12
0:37
$5,000 reward offered for information on suspect in fatal shooting

$5,000 reward offered for information on suspect in fatal shooting

2:18
Warm and humid with possible showers today, nicer weather coming in 48 hours!

Warm and humid with possible showers today, nicer weather coming in 48 hours!

1:05
Headlines: Cocaine sentencing in Port Jervis, barn fire death, cause of plane crash released

Headlines: Cocaine sentencing in Port Jervis, barn fire death, cause of plane crash released

1:52
Mamaroneck tackles chronic flooding with new study and projects

Mamaroneck tackles chronic flooding with new study and projects

0:28
Susan Siegel projected winner in Yorktown council election

Susan Siegel projected winner in Yorktown council election

0:26
Woman stabbed in Yonkers domestic dispute, suspect arrested

Woman stabbed in Yonkers domestic dispute, suspect arrested

0:17
20-story mural completes transformation of downtown New Rochelle

20-story mural completes transformation of downtown New Rochelle

0:14
LEGOLAND New York seeks master model builder in 'Brick Factor Model Builder' competition

LEGOLAND New York seeks master model builder in 'Brick Factor Model Builder' competition

1:38
Police: Man arrested for slashing woman during domestic dispute in Yonkers

Police: Man arrested for slashing woman during domestic dispute in Yonkers

1:22
How are young Hudson Valley voters feeling about the possibility of Kamala Harris as the Democratic nominee for president?

How are young Hudson Valley voters feeling about the possibility of Kamala Harris as the Democratic nominee for president?

2:24
Tackling flooding in the Town of Mamaroneck, engineering consultant looks into options

Tackling flooding in the Town of Mamaroneck, engineering consultant looks into options

1:48
A look back at President Biden, VP Harris' visits to the Hudson Valley

A look back at President Biden, VP Harris' visits to the Hudson Valley

1:47
'I don't know what the answer is.' Newburgh residents may have to live with dangerous intersection indefinitely

'I don't know what the answer is.' Newburgh residents may have to live with dangerous intersection indefinitely

1:29
Oklahoma woman sentenced to 4-12 years for fatal drunk-driving crash in Newburgh

Oklahoma woman sentenced to 4-12 years for fatal drunk-driving crash in Newburgh

Special election in Yorktown will fill vacant Town Council seat

Special election in Yorktown will fill vacant Town Council seat

0:48
Made in the Hudson Valley: 'Mister Croissant' bakery brings world-class pastries to Middletown

Made in the Hudson Valley: 'Mister Croissant' bakery brings world-class pastries to Middletown

0:43
Secret Service director steps down after assassination attempt against ex-President Trump at rally

Secret Service director steps down after assassination attempt against ex-President Trump at rally

0:21
$17 million awarded to repair Callicoon Bridge in Sullivan County

$17 million awarded to repair Callicoon Bridge in Sullivan County

0:28
Orange County man fatally struck in hit-and-run crash in the Bronx; man charged

Orange County man fatally struck in hit-and-run crash in the Bronx; man charged

0:27
New York, New Jersey & Delaware sued for failing to protect endangered Atlantic sturgeon

New York, New Jersey & Delaware sued for failing to protect endangered Atlantic sturgeon