Curran Opposes Proposed Federal Regulations on SALT Deductions
MINEOLA, NY-Nassau County Executive Laura Curran has announced her opposition to proposed federal regulations that would drastically limit the amount Nassau County residents can deduct for state and local taxes (SALT) on their federal tax returns.
Nassau County stands in solidarity with Westchester County, Suffolk County, and a growing list of other municipalities also in opposition of the proposed regulations and the unfair and discriminatory burden they would impose on homeowners and taxpayers throughout New York State.
“The proposed regulations would unjustly impact Nassau County’s homeowners and taxpayers,” said Curran. “We are calling on Washington to amend the proposed regulations. Our homeowners and taxpayers deserve full state and local tax deductions, and authorized state and local charitable contribution deductions, on their federal tax returns.”
Currently, there is a $10,000 cap on all state and local tax deductions on federal tax returns. However, local governments have been permitted to create authorized charitable gifts reserve funds that allow taxpayers to bypass the cap. The Internal Revenue Service’s proposed regulations would not allow taxpayers to deduct contributions to these reserve funds on their federal tax returns.
“By placing an arbitrary limit on state and local tax deductions, the proposed regulations hurt our hard-working residents--the heart and soul of Nassau County. Our taxpayers already pay more than their fair share of federal taxes and I am determined to fight on their behalf against any attempts to make them pay even more.”