U.S. Representatives Tom Suozzi and Peter King of Long Island have introduced legislation to restore state and local tax deductions that were capped under the Republican 2017 tax reform bill.
The 2017 tax bill specifically impacted higher wealth and more Democratic states like New York and Connecticut. It capped the state and local tax, or SALT, deductions at $10,000.
The new bipartisan legislation would restore the deduction for 2020 and 2021 and offset the cost of this by returning the individual tax rate to where it was before the GOP tax bill.
Suozzi and King said the SALT deduction cap cost Long Islanders billions more in additional taxes.
Their bill also allows joint filers to have a $20,000 SALT cap in 2019.
