wasn’t the tax deductibility contingent upon making big payments in advance? I’d have to believe that would limit the number of people able to take advantage of and thus the likelihood of initiating such a program.
IRS had stated they would not allow. Someone has to take them to court, but most tax experts have stated it would never be allowed.
I read this thread and the one about the tax impact of the school plan last night and got no sleep. Thanks.
So Murphy signed the law, got some good PR, but has done nothing since.
Or that is how it seems to me.
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This article is from August, but I'm not aware of any towns that have set up a charitable fund.
https://www.nj.com/politics/index.ssf/2018/08/nj_wants_to_save_your_property_tax_deduction_for_2.html
In May, Gov. Phil Murphy announced he was taking the fight to President Donald Trump and Congressional Republicans to save New Jersey property taxpayers about to be slammed by the new federal tax law.
He signed a law allowing local governments to establish charitable funds to accept property tax payments so New Jersey residents could get around the new $10,000 cap imposed on income tax deductions for state and local property taxes.
But to date, no community has launched such a fund to help property taxpayers.