Few states have more riding on the future of the SALT deduction than New York. With some of the highest property taxes in the country and a high-income tax rate layered on top, New York residents are disproportionately affected by the current $10,000 cap on state and local tax deductions.

The 'One Big Beautiful Bill Act' aims to increase the SALT deduction cap from $10,000 to $40,000, promising relief for taxpayers in high-tax states. However, experts warn that the benefits may be limited to a select group of high-income earners,

If passed by the Senate, the new expanded SALT cap would benefit millions of big earners in high-tax states, including New York, New Jersey, Pennsylvania, Maryland, Oregon and California.