Legislation to lift SALT deduction cap could bring relief to NY homeowners

Homeowners in high tax states like New York may soon be able to breathe a sigh of relief as legislation has been filed in Congress to lift the cap placed on the State and Local Tax deductions known as SALT. The Salt Deductibility Act would repeal the $10,000 limit, potentially reducing the enormous amount in extra taxes that homeowners and state taxpayers have had to pay since the cap was first implemented in 2017.