Local lawmakers are looking to re reinstate the SALT deduction.
For a long time, New Jersey residents were able to deduct all of their state income property taxes off their federal taxes but that changed in 2017 when federal lawmakers put a 10-thousand dollar cap on the deduction, hurting those in high taxes states Democratic Congressman Josh Gottheimer has introduced legislation to fully restore the State and Local Tax Deduction.
"The SALT cap hasn't just been bad for families, it's been bad for the state's economy. We are losing people and losing jobs."
New York Republican Andrew Garbarino is sponsoring the legislation. There's upcoming tax bill negotiations in Congress.