Schumer To IRS: Give Middle-Class New Yorkers The Tax Savings They Deserve
Senator Charles Schumer is calling on the IRS to grant New York residents who paid their 2018 property taxes early the ability to apply those taxes to their 2017 state and local deductions, even if their property taxes were not assessed.
Schumer says this would allow taxpayers to take a larger state and local deduction in 2017, before the harmful, new SALT cap takes effect.
“The just-passed tax bill hammers middle-class New Yorkers and any relief that can be provided – by the IRS or any other entity – must be provided,” said Schumer. “That is why I am calling on the IRS to let New Yorkers who prepaid prior to January 1, 2018 to deduct their property taxes in tax year 2017. The IRS should follow the letter of the law and allow these prepayments to be counted in tax year 2017.”
Schumer is specifically calling on the IRS to follow the letter of the law, which was written without mention of deducting prepaid property taxes.