December 21, 2017

tax-law-concern.pngNEW TAX LAW RAISES CONCERN FOR LICA AND MANY Long Islanders

The Long Island Contractors Association, like many Long Islanders, is concerned about the potential implications of the current tax reform package. With counties that pay some of the highest real estate taxes in the country and the impending cap on property tax deductions, Island property values could take a serious downturn. More than the immediate lack-of-tax-deduction concern, LICA’s Marc Herbst worries about the potential “trickle down” effect it could have on state and local municipalities’ ability to maintain infrastructure investment. If state tax revenues drop due to declines in property value as a result of the cap, it is reasonable to assume that the state will have to start making cuts and infrastructure is often one of the first items on the chopping block. See the related Newsday article and read comments from Marc and other Long Island advocates.

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