NJ lawmakers introduce SALT Act to lift $10K cap on state, local property deductions

NJ lawmakers introduce SALT Act to lift $10K cap on state, local property deductions


By:  Daniel J. Munoz
NJ Biz

New Jersey’s Congressional delegation unveiled a bill Monday that calls for eliminating the $10,000 cap on state and local property tax deductions — a product of the federal 2017 tax cuts opponents said will hurt taxpayers in states such as New Jersey.

 

The measure is called the Stop Attacking Local Taxpayers (SALT) Act of 2019, which fully restores the tax deduction — U.S. Sen. Bob Menendez, D-NJ; U.S. Rep. Frank Pallone Jr., D-6th District; and Rep. Bill Pascrell Jr., D-9th District, unveiled the measure at a Monday afternoon press conference at the Saddle Brook office for accounting firm RotenbergMeril.

 

“We’re just two weeks into the tax-filing season, and thousands of taxpayers across New Jersey are now fully realizing how bad the Trump Tax Law and its gutting of the property tax write-off is for them and their families,” Menendez said Monday.

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