A bipartisan pair of New York lawmakers introduced legislation to repeal the cap on state and local tax deductions included in the Republicans’ tax plan signed by President Donald Trump last month.
The bill sponsored by U.S. Rep. Nita Lowey, a Democrat, would restore the state and local tax deduction. Lowey’s measure is cosponsored by U.S. Peter King, a Long Island Republican. King was one of five New York House GOP members who opposed the tax plan approved by Congress.
The new tax law includes a $10,000 cap on state and local income, property and sales tax deductions. Earlier drafts of the measure called for the elimination of state and local tax deductability.
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