Cory Booker

WCBS 880

Booker Vows To Protect Workaround To Federal Tax Overhaul

June 18, 2018 - 3:21 pm

TRENTON, N.J. (WCBS 880) -- When last year's tax law put a $10,000 cap on state and local tax deductions, New Jersey got creative enacting a workaround that let people deduct their property tax bills as charitable contributions.

Under New Jersey’s legislation, taxpayers donate to a charitable fund established by their municipality, county, or school district and in return they receive a credit on their property tax bill of up to 90 percent of the donation. Taxpayers can then claim their donation as a charitable deduction on their federal income tax return.

Sen. Cory Booker said the IRS is now trying to block that provision.

He tells WCBS Newsradio 880 that he, along with New Jersey Sen. Bob Menendez, are trying to stop that from happening.

"We have a lot of levers to put pressure on the IRS to make sure that they allow New Jersey to do what other states have done and to give tax relief through charitable contribution. We're going to do everything we can -- whether it's in the appropriations process or directly confronting IRS officials and letting them know that we feel fight with a tenaciousness they've never seen to protect New Jersey taxpayers," Booker said.

Listen to his full interview with Steve Scott: