Suozzi And Schumer Make Renewed Pitch To Reinstate SALT Deduction
New York’s Democratic congressional delegation wants to restore state and local property tax deductions, known as SALT, through the next round of federal coronavirus assistance.
In May, House Democrats and just one Republican — Long Island Congressman Peter King — passed the HEROES Act that included temporarily eliminating the $10,000 SALT cap on federal tax deductions.
Congressman Tom Suozzi says Long Island homeowners need access to this money now amid the pandemic.
“But it won’t go anywhere unless it has the Senate. And there is no way that [Senate Majority Leader] Mitch McConnell is going to do something just because we appeal to him based upon reason, just because it’s the right thing to do. We have seen so many bills go to the Senate to die.”
Senate Minority Leader Chuck Schumer says the Senate is expected to consider the bill next week.
“We need to cushion the blow of this virus. The SALT cap hurts people affected by the virus. It hurts so many of the metropolitan areas like New York.”
The bill would allow nearly 700,000 Long Island households to receive a tax dedication of $20,000, on average.
Republicans have called tax reform included in the bill a “non-starter.”