|Posted:||December 2, 2020 12:02 PM|
|From:||Senator Lisa M. Boscola|
|To:||All Senate members|
|Subject:||Homestead Property Tax Deduction for State Income Taxes|
|I plan to reintroduce legislation that would permit owners of homestead properties to deduct their real-estate taxes from their state income taxes. I feel that in response to the new Federal Tax package passed by Congress, we need to consider providing relief to homeowners in the Commonwealth. Because Federal Tax Law caps local and state tax deductions at $10,000.00, many property owners could face a new Federal tax burden as a consequence of the capping of this deduction.
Since the passage of the Federal Tax revision, the State of New Jersey has already proposed a similar concept to this, and I anticipate that many other states that have high, residential property tax rates, will follow suit. Please join me in sponsoring this legislation.
Previous co-sponsors to SB 358 were: Costa, Brewster, Mensch, Haywood and Yudichak.
Introduced as SB197