Search
 

Big Opposition to Big 6 Proposal

The Trump administration's proposal to eliminate the federal deduction for state and local property taxes "must be considered a non-starter for every one of New York State’s elected representatives in Congress," says the New York Building Congress.

Trump, Springfield, MO Aug. 30, 2017 President Trump speaking on tax reform in Springfield, MO., Aug. 30, 2017. (Photo: YouTube)

NEW YORK CITY – New York CRE professionals are recoiling from President Donald Trump’s tax reform that proposes eliminating state and local income and property tax deductions on federal returns. In 2014, New York County nationally took the highest state and local deductions per tax return, deducting an average of $24,898.

The New York Building Congress issued the following statement: “The proposal to eliminate the federal deduction for state and local property taxes must be considered a non-starter for every one of New York State’s elected representatives in Congress. This provision would be crippling to the middle class, sharply decrease our competitiveness as a city and state, and do considerable harm to the national economy by robbing New York City of the funding it needs to invest in its infrastructure and other vital services.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Betsy Kim

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

More from this author

Dig Deeper

Recommended Stories

2017 RealShare Recap

2017 RealShare Recap

Natalie Dolce |

The RealShare Conference Series stands alone as the industry choice for exposure to the most relevant topics—delivered and discussed by the top minds…

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.