Statement by Real Estate Board of New York President John Banks, REBNY President on GOP Federal Tax Reform Plan

“Ending the federal deduction for state and local property taxes is double taxation. This deduction has been in place since the commencement of income tax in 1913.  Its elimination would lead to the diminution of basic municipal services for all New Yorkers. The elimination of the deduction of real property taxes for homeownership as an adjustment to home owners’ taxable income would make New York and other states and cities across the country, less competitive for real estate investment.” - John Banks, REBNY President