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Newly-introduced bipartisan bill seeks to reinstate SALT deduction

(Photo: MGN)

Washington, D.C./Albany. N.Y. – A bipartisan bill introduced in the House of Representatives aims to restore state and local tax deductions, weeks after the new tax overhaul capped those deductions at $10,000.

The proposed legislation was introduced by Democratic Representative Nita Lowey and Republican Representative Peter King.

In a statement released Tuesday, New York Governor Andrew Cuomo praised the measure, saying the state pays Washington, “$48 billion more than we get back,” and adding the SALT deduction’s elimination increases that total by about $14 billion.

"I often say that we are Democrats and we are Republicans, but we are New Yorkers first,” Cuomo said in the statement. “Today Representatives Nita Lowey and Peter King came together in a bipartisan fashion and introduced legislation to fully restore the deductibility of state and local taxes. These members are doing what they were elected to do—protect New Yorkers. They showed that New York won't take this assault sitting down, and I will continue to do everything possible to right this economic injustice."

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