The Will County Board is discouraging its congressional representatives from eliminating the State and Local Tax (SALT) deduction as part of federal tax reform, maintaining that it will have a disproportionately negative effect on middle class homeowners, especially in Illinois.
Will County Board Member Mike Fricilone, who is also the chair of the county’s finance committee, helped develop a resolution that emphasized the importance of the SALT deduction. The resolution, which was supported by Illinois REALTORS®, was passed by the county’s finance committee and the full county board, and board members pledged to share it with their federal legislators.
When the White House and Congress first announced their federal tax reform plans, REALTORS® sounded the alarm. One portion of the proposal would eliminate SALT, amounting to double taxation and would hit high property tax states like Illinois especially hard.
In Will County, more than 125,000 homeowners save an average of $2,000 a year using the SALT deduction, according to an article in the Herald-News.
During Fricilone’s July visit to Capitol Hill on behalf of Will County and the National Association of Counties, he defended the merits of the 104-year-old SALT deduction.
To raise awareness of the issue, a video of Fricilone was distributed to other counties across the country. A significant amount of double taxation would hit homeowners if the SALT deduction is repealed, he said.
Fricilone, of Homer Glen, is a long-time champion of private property rights and REALTOR® issues.