For the first ten months of 2017, revenues for the Peconic Bay Community Preservation Fund (CPF) produced $78.88 million. In comparison, $76.98 million was amassed over the same period of time last year, marking a 2.5 percent increase.
“The CPF revenues in the first ten months of 2017 are slightly higher than 2016 by 5.6 percent. CPF revenues are on pace to exceed $90 million for the year,” Assemblyman Fred W. Thiele, Jr. (I-Sag Harbor) said.
The Peconic Bay Regional Community Preservation Fund, which was established in 1999, has generated $1.266 billion, with $95.64 million of that collected in the last 12 months. The pubic program is managed by the towns of East Hampton, Riverhead, Shelter Island, Southampton and Southold and is used for the safeguarding of open space, farmland, and community character.
“Local government should closely monitor CPF revenues in the coming months. The new federal ‘Tax Cut and Jobs Act’ will take effect in January for the 2018 tax year,” Assemblyman Thiele added. “The $10,000 cap on the federal deduction for state and local taxes (SALT) and the changes in the mortgage interest deduction for new mortgages by reducing the mortgage limit from $1 million to $750,000 directly will impact home purchases. There have been varying opinions on the impact this will have on the East End real estate market and therefore the effect on CPF revenues.”