BEDFORD HILLS – The state and local tax deduction, which was dropped down to just a $10,000 tax cap by the Trump administration, will be brought up to an $80,000 cap in the House-passed Build Back Better Act.
That bill awaits Senate approval, which Congressman Sean Patrick Maloney (D, NY-18) expects shortly.
Maloney brought the new of the expected increase in the tax o0n income, to Bedford Hills on Monday.
“It’s going to mean better services locally, it’s going to mean better home values, it’s going to mean a strong economy here in the Hudson Valley and in the other areas of the country that were the target of this vicious tax scheme that I believe never should have happened,” he said.
This legislation will increase the amount that taxpayers can deduct from their tax returns. Democrat states were targeted by the Trump legislation in 2017, those states maintained.
