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Suffolk County Sees Charitable Fund As Way To Sidestep SALT Cap

Darwin Yanes
/
WSHU
Suffolk County Executive Steve Bellone speaks at a press conference on Monday to announce the creation of the charitable gift reserve fund.

Suffolk County plans to establish a tax credit that lawmakers say will help residents find some property tax relief.

Many homeowners are paying the IRS more money this year because of limits on state and local tax deductions.

 

Changes to federal tax law in 2017 capped the amount homeowners can claim at $10,000.

County Executive Steve Bellone said Suffolk will continue to urge the IRS to reverse unfair tax policy.

“Our message to the IRS, then and now, is clear. We will continue to fight you to protect our taxpayers here in Suffolk County. ”

Homeowners will be able to receive a tax credit by making charitable contributions to a county-sponsored reserve fund. Contributing to the charity will let people claim lower annual taxable income on their tax returns.

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