The SALT Deduction in the House Budget Bill: A Tax Increase on High-Income NYC Taxpayers

NYC Government Publication

The SALT Deduction in the House Budget Bill: A Tax Increase on High-Income NYC Taxpayers

This fiscal note provides preliminary estimates of potential federal tax increases for high-income NYC taxpayers. The proposed tax increases on high-income taxpayers appear to outweigh the tax benefits from the increase of the State and Local Tax (SALT) cap due to the Budget Reconciliation Bill.

Agency

Comptroller (COMP)

Subject

Taxation

Report type

Budget / Finance

Date published

2025-06-12

Language

English

Fiscal year

2026

Borough

Bronx
Staten Island
Manhattan
Brooklyn
Queens

Associated place

New York City

Mandated Report Name

Other Publication

NYC Government Publication

The SALT Deduction in the House Budget Bill: A Tax Increase on High-Income NYC Taxpayers

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