MARLBORO TOWNSHIP, N.J. (CBSNewYork) — New Jersey is looking for a way to protect homeowners, who now have a limited state and local tax deduction based on the federal law.
“You know, we’re not George Washington here,” said New Jersey Gov. Phil Murphy. “This is not revolutionary.”READ MORE: Attorney Says Current Whereabouts Of Brian Laundrie, Gabby Petito's Fiancé, Are Unknown
Murphy said there are already 33 states that allow such protections. Towns would set up charities to collect local taxes, and payments would be deductible for federal taxes.
“It would be huge,” said Belmar Mayor Matt Doherty.READ MORE: Gabby Petito Search: Timeline Of Road Trip With Fiance Brian Laundrie, Notable Dates And Events
But Doherty is not exactly sure how it should work.
“So what we’re really waiting for is guidance from the state as to how we would make this work, so that it is compliant with IRS regulations for our residents,” Doherty said.MORE NEWS: September 17th Declared Nick Cordero Day In New York In Honor Of Broadway Actor Who Died From COVID
It could potentially save taxpayers thousands of dollars.