NYC to Consider Tax Deduction Limit Workaround


A New York City councilman wants to help residents get around a new federal law that puts a $10,000 cap on state and local tax deductions.

Gov. Andrew Cuomo signed a bill in April that allows municipalities to issue tax credits for donations to public education funds and charities. On Wednesday, Councilman Ritchie Torres of the Bronx will introduce legislation to establish a city-operated charity for that purpose.

The Internal Revenue Service, which is challenging such workarounds, will hold a Nov. 5 hearing on the issue.

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