New York Gov. Andrew Cuomo will travel to Washington on Tuesday to meet with President Trump to discuss changes to the tax code that he said would cost the state $15 billion in revenue.
Cuomo’s office say the governor will press the president on changes to SALT, which allows taxpayers to deduct state and local taxes from their federal tax bill. The tax plan signed by the president caps the deduction at $10,000. Previously, there was no limit.
Cuomo says the legislation disproportionately impacts New York.
“There is no more vital long-term issue for the state, from a financial point of view than SALT,” Cuomo says. “This is not an academic discussion, my friends. This is real life. This changes the economic trajectory of the state.
Cuomo said New York pays more than any other state for the SALT deduction. Last week, he told reporters his office recently noticed an abrupt decline in revenue in the state, worse than anticipated, and may have to his budget proposal for the state.
Comptroller Thomas DiNapoli says lawmakers must now work together to figure out a solution to make up the difference.