(Bloomberg) -- New York Governor Andrew Cuomo said the tax increases in the state budget will be offset by his anticipated repeal of the federal cap on state and local tax deductions.
Cuomo said he has spoken to New York’s congressional representatives and President Joseph Biden, and “fully” expects a SALT repeal. Net taxes in New York will be lower after that happens, Cuomo said Wednesday during a press briefing.
It remains unclear if the cap will be repealed.
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