NEW PALTZ – Ulster County Executive Patrick Ryan and Suffolk County Executive Steve Bellone, Monday, discussed restoring tax deductibility for New York homeowners who have been negatively impacted by the federal SALT (State and Local Tax) tax law that limits their state and local tax deductions.
The federal Tax Cuts and Jobs Act of 2017 capped the amount that homeowners could deduct on their state and local taxes to $10,000, or $5,000 for married taxpayers filing separately.
Prior to the new federal tax law, SALT deductions were not capped, resulting in an effective tax increase for working families in New York.
In Ulster County, there have been 86,590 tax returns filed of which 30,420 would qualify for SALT, the county said. Statewide, over three million people have filed for SALT deductions work more than $73 million.
“The SALT cap hurts Ulster County homeowners, small business owners and our regional economy,” said Ryan.
“Washington effectively took money out of families pockets in order to deliver tax cuts around the rest of the country,” said Bellone. “It is unjustified and has a real impact on families and all of New York and our ability to provide the services that we need.”