Cuomo Says His N.Y. Tax Increases Anticipate the Repeal of SALT

NEW YORK, NEW YORK - MARCH 18: New York Governor Andrew Cuomo speaks during an event at his office on March 18, 2021 in New York City. Cuomo spoke about the return of spectators to performing arts and sporting events, including a limited amount of fans attending baseball games at the start of the season. (Photo by Seth Wenig-Pool/Getty Images) Photographer: Pool/Getty Images , Photographer: Pool/Getty Images

Keshia Clukey, Bloomberg News

Apr 7, 2021

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(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It remains unclear if the cap will be repealed.

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