46°
In a letter to the IRS' acting commissioner, Schumer asked the federal agency to support the state law, which enables cash-strapped New Yorkers to ease the tax burden caused by a federal tax bill that capped State and Local Tax (SALT) deductions at $10,000.
New York tax law would allow residents to receive more tax credits for charitable donations to help reduce state and federal taxes.
Schumer, a Democrat, called attempts to challenge New York’s new tax law "shortsighted, and a potential infringement of states’ rights."
“Put simply, the feds are going out of their way to raise taxes on hardworking middle-class homeowners in Westchester and Rockland counties,” said Schumer said in a news statement. "Now, the IRS is at it again, and is now attempting to undermine a New York law that lowers taxes for thousands of Hudson Valley residents. It couldn’t be more apparent the IRS is targeting middle-class homeowners in New York.”
Schumer said New York’s new tax law provides a charitable tax credit of 85 percent for donations to state funds that will go towards vital healthcare and public education programs. According to Schumer, these donations can be treated as a charitable deduction under the federal tax code. Schumer said on Monday that the new state law could benefit Westchester homeowners who have the highest property taxes in the nation.
The new federal tax law, P.L 115-97, significantly raised taxes on many New Yorkers and diminished tax incentives for most taxpayers to contribute to charitable causes, Schumer said.
“Let’s call this plan what it is — an attempt by the feds to undermine a state’s ability to provide tax relief to residents unfairly targeted by the Republican tax bill," Schumer said. "That is why I am calling on the IRS to stand down from attempts to undermine New York’s new law that provides Westchester and Rockland residents, the top two taxes counties in the country, with much needed tax relief from the tax bill’s most unfair and harmful laws.”
Schumer was joined at Monday's news conference by Mike Oates, president and CEO of the Hudson Valley Economic Development Corporation, and local homeowners Jean Marie Healy and her husband, Robert Bewick.
Click here to follow Daily Voice Yonkers and receive free news updates.
