Is a new era of bipartisanship upon us?
Tim Bishop and Michael Grimm are relatively newly elected members of Congress from suburban swing districts plagued by high property taxes. And, since both barely won in in 2010 and are likely to face fierce challenges in 2012, it makes sense for them to play nice with the other party, especially in this era of high partisan polarization.
Thus, the duo annnounced today that they are introducing legislation that would allow all homeowners that pay property taxes to deduct the full amount from their federal income taxes. As it stands now, only taxpayers using itemized, but not standard, deductions may deduct the amount.
“This bill is more than just lip service, but something that hardworking families will feel in their pockets,” says Staten Island’s Grimm. “Property taxes in Staten Island and Brooklyn are not cheap, so it’s only fair that all homeowners have equal opportunity to benefit from savings offered by this tax deduction.
Adds Long Island’s Bishop, “All homeowners in New York and all high cost areas should benefit from a federal offset for their high property taxes. Tax policy should reflect America’s vital interest in protecting and growing the middle class.”
The bill is being carried in the Senate by fellow New Yorker Kirsten Gillibrand.
Bishop and Grimm say that the bill would save New York homeowners over $1 billion.