Great news for Rockland and Westchester Counties – U.S. Reps. Mondaire Jones (D-NY), Tom Suozzi (D-NY) and U.S. Senate Majority Leader Charles Schumer this past week introduced the SALT Deductibility Act. This would remove the $10,000 cap on state and local tax deductions imposed in 2017 under the federal tax reform law. The SALT Deductibility Act would remove the cap on the SALT deduction instituted in 2017 as part of then President Donald Trump’s Tax Cuts and Jobs Act and would allow New Yorkers to fully deduct their state and local taxes from their federal taxes.
New York State Senate Majority Leader Andrea Stewart-Cousins noted that over the last three years, “Trump’s unfair attack on Blue States has cost New Yorkers over $30 billion, while wealthy corporations saw tax breaks.”
This is great news for the Nyack real estate market in general and should give an extra boost to the upper end home sales.