Yingling Legislation to Provide Income Tax Relief in Response to FederalPlan Capping Property Tax
04/24/2018ROUND LAKE BEACH, Ill. - State Rep. Sam Yingling, D-Grayslake, is continuing his efforts to offer relief for taxpayers by helping to pass a measure that would provide a way for taxpayers to work around local property tax deductions that were unfairly capped by Donald Trump and his allies in Congress.
“The middle class is under attack yet again by reckless Washington politicians more focused on giving tax breaks to the ultra-wealthy instead of providing meaningful tax relief to middle-class families,” Yingling said. “Under Trump and his Republican allies’ recently enacted tax plan, massive tax cuts for the rich were paid for by eliminating or capping the deductions that help middle-class families. The bill I supported in the House will help offset Trump's decimation of deductions that working families have come to rely upon.”
Yingling’s House Bill 4237 passed with overwhelming bipartisan support in the House last week. Yingling’s measure will counteract Trump's capping of the State and Local Tax (SALT) deduction at $10,000 by creating a new state fund. Taxpayers can make a donation into the fund and in return receive a full state income tax deduction, making the measure revenue-neutral for the state. The donation would also be eligible for a federal charitable tax donation on federal taxes. Money collected into the fund can be used for public education purposes. The measure now awaits consideration the Senate.
“Trump’s tax plan balances unprecedented tax breaks for corporations and the ultra-wealthy on the backs of middle-class families,” Yingling said. “The tax proposal I helped to pass puts more money back in Illinoisans’ pockets. I look forward to continuing my work to push for bipartisan reforms like this bill that offers tax relief for everyday working people and families, not the billionaire class.”