NY Suing Over New Cap On Tax Deductions

posted by Todd Halliday - 

Albany, NY -- The state is filing a lawsuit to protect the ability of taxpayers in New York to fully deduct their state and local taxes from their federal income tax. 

The lawsuit alleges the new federal cap on state and local tax deductions was enacted to target New York and similar states and disproportionately harms taxpayers in those states. 

The suit also claims the cap interferes with states’ rights to make their own fiscal decisions.

Governor Cuomo and Attorney General Barbara Underwood argue the cap will depress home prices and hurt the state's economy. Connecticut, Maryland, and New Jersey are joining the law suit.

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