By Randy Levine
In the past few months, I have written several pieces taking issue
with the recent tax law's treatment of the limitations on state and
local deductions (SALT).
I urged Gov. Cuomo to establish a mechanism for New York state, which
would allow taxpayers to set forth a portion of their state and local
taxes to be contributed to valid state and local charitable entities
such as schools, health organizations and other valid programs, which
would allow taxpayers to receive a charitable deduction for those
payments.
This mechanism has been in place and operating with no IRS objection for years in states such as Missouri and Arizona.
Showing great leadership, the governor and state legislature approved
a program similar to those that have been operating unchallenged by the
IRS in those states.
Now, [Treasury] Secretary [Steve] Mnuchin is warning that the IRS
will not permit this mechanism to be put into effect in New York,
California, New Jersey and elsewhere.
Click here for the full article.
Source: Newsmax (via Empire Report New York)
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