With Democrats now in control of both houses of Congress and the White House, Senate Majority Leader Chuck Schumer and Rep. Thomas Suozzi have reintroduced legislation to restore the full State and Local Tax deduction, a move that would cut taxes for thousands of Long Island homeowners, Newsday has learned exclusively.
The lawmakers simultaneously introduced legislation Thursday that would eliminate the $10,000 SALT cap on federal tax returns that was imposed as part of the GOP’s $1.5 trillion 2017 tax reform bill. The new bill makes no other changes to the tax code.
The measure, which has bipartisan support in the House but only Democratic sponsors in the Senate, will likely be folded into “must-pass” legislation, such as a COVID-19 relief package, to ensure its approval, officials said.
“This is a very high priority,” Schumer said. “The cap on the SALT deduction was a nasty proposal aimed at blue states and it has hurt the … [more]