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.
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Source: Newsmax (via Empire Report New York)