Congressmen King, Suozzi Try To Reinstate SALT Deductions

Congressmen Tom Suozzi and Peter king announced that they were putting forward legislation, the "King-Suozzi Bill," that would reinstate the SALT tax deductions.

In 2017, as part of the Republican's new tax bill, a cap of $10,000 was put on the State And Local Tax (SALT) deductions, which mainly impacted residents of high-tax states, like New York. This new bill -- put forward by King, a Republican, and Suozzi, a Democrat -- would reinstate the full SALT deduction and provide Long Island taxpayers with relief. Both King and Suozzi voted against the 2017 bill.

“The tax bill was a punch in the gut for Long Islanders, and all New Yorkers, who already subsidize other states by paying more in taxes than we receive back from the federal government,” said Suozzi. “The limitation of this critical deduction has resulted in a devastating tax increase for the middle class. My district ... over 250,000 families, or 43 percent of households, claim this deduction at an average rate of $18,300.”

According to King and Suozzi, Long Islanders were hit particularly hard by the SALT cap. Nearly half of all tax filers in their districts claimed the deduction in past years, with an average of $20,000. The average claim is above the $10,000 cap in 52 out of 62 New York counties, they said.

"Eliminating deductions for local and state taxes will have a devastating effect on Long Island,” King said. “We give far more to Washington then we get back. For every dollar we give, we get $.79 back. That’s a $48 billion shortfall and hurts our middle class Long Islanders. This legislation is critical.”

Photo courtesy Tom Suozzi's office