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Gov. Andrew M. Cuomo (D) is urging members of New York’s congressional delegation to repeal the new federal tax law’s limit on state and local tax deductions, citing an 18 percent decline in home sales in Westchester County, New York City’s affluent neighbor.
Cuomo, in an Aug. 7 open letter to the delegation, said the $10,000 cap on the SALT deduction in the 2017 federal tax act (Pub. L. No. 115-97) has also led to double-digit declines in median home sale prices in some Westchester County towns.
The letter is the latest effort by Cuomo to fight the SALT deduction cap. He signed into law two workarounds—a new charitable deduction and a voluntary payroll tax—earlier this year and is spearheading a lawsuit by four states to have the SALT cap struck down.
“Reports indicate that home sales in Westchester plummeted by 18 percent in the second quarter of 2018—the most since 2011—with median sale prices dropping by double digits in some towns,” Cuomo said in the letter.
“Across much of the state, including Long Island and the Hudson Valley, Moody’s Analytics expects home prices will fall by up to 10 percent or more,” he said. “In short, Republicans in Congress have taken an action that devastates New York’s families by undermining their most treasured and valuable asset—their homes.”
Cuomo also said the state is “ready to fight if the IRS takes hasty and politically motivated action” against New York’s efforts to work around the SALT deduction cap.
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