New Laws Put Salt In The Wound

New Laws Put Salt In The Wound
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Recent national, state and local legislative changes relating to real estate may be the straw that breaks the camel’s back.

As a tax and accounting practitioner I break down the impact of legislation to clients’ bottom line. The changes to the tax code are so impactful and underreported I feel compelled to outline the legislation responsible for economic disruption and lower-than-expected tax refunds this year for many New Yorkers.

The Tax Cuts and Jobs Act of 2017 limited state and local tax (SALT) deductions to $10,000. That effectively makes real estate taxes more expensive.

The new state and federal laws discourage people from moving to or developing real estate in New York, crippling what has been an essential revenue producer for the region’s economy for generations.
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