Call to Action: Federal Tax Plan Released
November 3, 2017
Yesterday, the U.S. House of Representatives released their long anticipated tax reform bill. Coined the "Tax Cut and Jobs Plan," HR 1 includes a modified version of the plan to eliminate the state and local tax (SALT) deduction. Under this proposal, the deduction for state and local sales and income taxes would be eliminated, while the deductibility of property taxes would be continued, but capped at $10,000 per year. This compromise would still negatively impact many New Yorkers. Urge your congressional representative to oppose any change or reduction in the SALT deduction. Take Action Now
However, the tax plan is far broader than just the SALT proposal. Also included in the bill is a proposal to allow for up to $10,000 to be withdrawn annually from 529 education savings plans for use towards elementary and secondary tuition and other expenses. This change would allow individuals to set aside and then use significant amounts of money for private school tuition, while receiving tax relief for the contribution and growth in the account. Contact your congressional representatives and tell them that you oppose any proposal to create elementary and secondary tuition savings accounts and other tax incentives to support nonpublic schools.Take Action Now
For additional information on the SALT deduction and NYSSBA's position on public support of private schools through tax deductions, please see the links below:
NYSSBA's Governmental Relations team will keep you up to date on these and other issues.
For more information, visit our Key Issues Page, and be sure to follow NYSSBA on Facebook and Twitter.