ALBANY, N.Y. (NEWS10) — New York state filed a lawsuit over the cap on the State and Local Tax deduction following the 2017 federal tax overhaul.
New York joined Connecticut, New Jersey and Maryland to sue over the 10-thousand dollar cap on the State and Local Tax deduction.
It was a result of the federal Tax Cut and Jobs Act President Donald Trump signed into law in 2017. Homeowners could only deduct their property taxes on their tax returns up to 10 thousand dollars.
Anything over that cannot be deducted. This week a U.S. District Court judge dismissed the case.
Governor Andrew Cuomo said the state is evaluating all options including an appeal. The SALT cap costs the state 15 billion dollars annually.