Rep. Faso Supports Legislation to Provide Relief to New Yorkers Pre-paying Property Taxes

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Washington, January 18, 2018 | comments

Washington, D.C. – Representative John Faso (R-Kinderhook) joined a bipartisan coalition of his colleagues in introducing legislation to allow individuals who paid any or all of their 2018 property taxes in 2017 to deduct them on their current 2017 tax bill, regardless of when the taxes were assessed. Current IRS guidance states that only taxes that had been assessed in 2017 would be deductible.

Representatives Lance (NJ-07) and Gottheimer (NJ-05) are primary sponsors of the legislation. The supporters include a similar coalition of members who supported a proposal during consideration of tax reform to fully restore the state and local tax deduction (SALT).

“New York’s property taxes are extraordinarily high and recent changes to the federal tax code will increase the impact of our state’s high tax burden. The high tax burden is causing New Yorkers to flee the state at an alarming rate and we must attack this trend at the local, state, and federal level,” said Faso.

“Due to the extremely quick turnaround between passage of tax reform and implementation of the new code, this legislation is a common-sense step that helps all New Yorkers that chose to prepay their property taxes, and ensures they receive the deductibility that they had planned for,” concluded Faso.

The Tax Cuts and Jobs Act, signed into law on December 22, 2017, does not the prevent the deductibility of prepaid 2018 state and local property taxes. As a result, many individuals prepaid their entire 2018 property tax liability prior to the IRS Advisory on December 27th.
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