Daily Tax Report: State provides authoritative coverage of state and local tax developments across the 50 U.S. states and the District of Columbia, tracking legislative and regulatory updates,...
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.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)