LI lawmakers say Senate GOP tax bill is bad news for NY

Posted: Updated:
WOODBURY -

The early morning passage of the Republican Senate tax plan could potentially have an impact on Long Islanders who believe their property taxes are already too high. 

Under the plan, the property tax deduction that many Long Islanders count on would be capped at $10,000. 

Setauket resident Mike Rizzo, a Republican, says the tax bill will likely mean less money in his pocket. 

"I think it hurts the middle class, particularly the New York area. Everyone has high property taxes around here," said Rizzo. 

All of Long Island's members of Congress on both sides of the aisle have come out against the Senate GOP tax plan.

"What it really is, is taking money from places like New York state and Long Island and sending it to other parts of the country," said Rep. Peter King (R-Seaford). 

Long Islanders would also no longer be able to write off state and local taxes. 

According to Mitch Pally, with the Long Island Builders Institute, the plan is also bad for the housing market – saying people will be wary about buying an expensive home in New York. 

In fact, some experts say the Senate tax bill could wind up lowering property values across the Island. 

"I've had experts tell me the value of the home is going to be reduced anywhere from 10 to 20 percent, if not more," said Rep. King. 

For some Long Islanders, like Robert Peterson of Stony Brook, the bill would be a welcome change if it helps the country in the long run.

"We need to start to boost the economy, and it's all part of it, the taxes," said Peterson. 

The bill is now heading to a conference committee in Washington where additional changes could be made.
 

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