The House Republican plan would allow Property Tax deductions of up to $10,000. The Senate plan would continue to allow deductions for Mortgage Interest. The House plan would limit this deduction to the first $500,000 of a loan.
That could be a problem for many homeowners in higher home priced areas in Connecticut, like Fairfield and Litchfield counties. An increase in the standard deduction may not be enough to break even on taxes for some Connecticut residents.
News 8’s Chief Political Correspondent Mark Davis will have a full report with Senators Blumethal and Murphy coming up on News 8 at 5:00 p.m.