Statement from Attorney General James on SALT Decision.

FOR IMMEDIATE RELEASE:  September 30, 2019  Statement from Attorney General James on SALT Decision. NEW YORK – Attorney General Letitia James today released the following statement in response to the U.S. District Court’s decision regarding the imposition of a cap on the State and Local Tax (SALT) deduction:  “We filed this lawsuit to protect our residents from the cap on the state and local tax deduction, an invasive and unprecedented attempt by the federal government to curtail our states’ constitutional rights. We remain committed to defending our taxpayers and our state. We will continue to review the decision as we consider all of our options.”  In July 2018, the State of New York filed a lawsuit in the U.S. District Court challenging the 2017 federal tax law which would drastically reduce the SALT deduction by capping it at $10,000. This cap would specifically affect New York and other similarly situated states by depressing home prices, spending, and business sales, and result in slower growth for the states’ economies and fewer jobs. The New York State Attorney General’s Office is joined by Connecticut, Maryland, and New Jersey in this lawsuit.