Anil Melwani, a Manhattan CPA from 212 Tax Services, said it seems fiscally unlikely for New Yorkers to get a credit for all of their state and local taxes since that could mean huge refunds.
But getting a percentage of their taxes turned into a credit could be a fair compromise.
“I think they realized that New Yorkers, Californians and people in other high-tax states would be super hurt by eliminating the deduction and maybe they want to offer a little bit of an offset,” Melwani told The Post.
“You can’t deduct it, but you could take a percentage of it as a credit. It sounds to me like a political move to not lose votes or to piss too many people off in those high-paying states.”
Are the Whitehouse and Congress really working together on tax law changes? Recent news reports would seem to cast doubt on that.