By finalizing this rule, the Federal government is continuing its politically motivated economic assault on New York - an assault that started with President Trump and his allies in Congress and is now being advanced by the IRS. The IRS should not be used as a political weapon. The regulations promulgated today lack any basis in the law, upend decades of precedent without authorization from Congress, and target programs established by New York and other states to incentivize charitable contributions.
New York already sends $36 billion more to Washington than we get back every year. And thanks to the Republicans' SALT cap, New Yorkers are being used as ATMs, footing an additional $15 billion each year that will be redistributed to red states and corporations. In response to this economic attack, we crafted a new charitable contribution program that fully comports with long-standing legal precedent and principles of federal tax administration. We will pursue all options, including litigation, to resist this attack on our State and our taxpayers.