Suffolk County Executive Steve Bellone today released the following statement in light of New York, New Jersey, and Connecticut filing suit against the IRS to challenge their newly adopted regulations that prevent municipalities from adopting charitable gift reserve funds to protect taxpayers against the SALT Cap.
“Washington is doubling down on its efforts to raise taxes on Long Island homeowners. Suffolk County will not roll over and lie down – we will fight the federal government tooth and nail. We’re proud to join with a coalition of counties, local governments, and school districts across the state to challenge these unlawful, arbitrary, and capricious regulations.”
Suffolk County established the first county-run charitable gift reserve fund, in accordance with New York State law, to provide relief for taxpayers. The fund is a signature component of the County Executive’s SALT Cap Response Plan, a comprehensive plan to protect homeowners who are negatively impacted by the new federal tax law that unfairly repeals their state and local tax deductions.