Suffolk County Executive Steve Bellone has unveiled a plan to restore state and local tax deductions for county homeowners.
Part of the plan is to establish a county charitable gift reserve fund, which would help families mitigate damage from the loss of state and local tax, or SALT, deductions.
Bellone said New Yorkers send more money to Washington in taxes than they receive in federal spending. He said that money could be better spent on taxpayers, and the loss of tax deductions residents now face only makes it worse.
“Washington imposed a massive tax increase on New York and Long Island in order to fund a tax cut for people we are already subsidizing. That is outrageous and it needs to be reversed. “
Bellone said that the IRS and Treasury Department have already imposed regulations targeting this plan, but, “My message to the IRS is clear. If you try to stop us from protecting our SALT deductions, we will see you in court.”
He said homeowners are starting to see the impact of President Trump’s cap on SALT deductions this tax season.
Long Island congressmen have also introduced a bipartisan bill to restore the deductions.