GOP bill includes tax deductions
WASHINGTON — The House Republican tax plan will not end deductions for state and local property taxes, Ways and Means Chairman Kevin Brady said this weekend.
“At the urging of lawmakers, we are restoring an itemized property tax deduction to help taxpayers with local tax burdens,” the Texas Republican said.
Keeping the property tax deductions is a nod to Republicans from high-tax states like New York and New Jersey who have threatened to oppose the tax bill if it would eliminate the deductions. Under current law, anyone who itemizes on their federal tax return can deduct their property taxes in addition to either their state and local income taxes or sales taxes.
