ALBANY, N.Y.—“It appears increasingly likely that later today the House will pass their tax reform bill. While we and our members strongly support many aspects of the bill, we simply cannot endorse the elimination of full state and local tax (SALT) deductibility. We appreciate that the House bill does maintain certain aspects of SALT, but it does not go far enough. New York is a net donor state, contributing nearly $50 billion more in taxes than we receive from the federal government. The House bill would only increase that disparity. The Business Council applauds the members of our House delegation, particularly those in the majority party, who recognize the harm this bill would cause to New York and have publicly stated they will not support the legislation. We remain hopeful that as the House and Senate reconcile their competing bills, the ultimate solution will include full SALT deductibility, while at the same time ensuring the United States adopts a competitive corporate tax rate that will encourage economic growth and bring money and investment back home.”
- This statement is attributed to Heather C. Briccetti, Esq., president and CEO of The Business Council of New York State, Inc.