Urges Congress to reinstate unlimited state and local tax deduction.
This resolution urges Congress to eliminate the $10,000 cap on the state and local tax (SALT) deduction, which was imposed by the 2017 Tax Cuts and Jobs Act. It directly affects New Jersey taxpayers and the state, as New Jersey residents averaged a $19,089 SALT deduction before the cap (over double the current limit) and the state is a "donor state" receiving only 79 cents back for every federal tax dollar paid. The resolution argues that reinstating the unlimited deduction would reduce the financial disparity New Jersey faces by allowing residents to deduct full state/local tax payments from federal income tax. As a symbolic measure, it does not change tax law but formally requests congressional action to address this issue.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jan 2024
Committee Review
Floor Vote
Governor
Introduced Jan 9, 2024
Last action Jan 9, 2024
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Full legislative history
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Total actions
1
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0
Jan 9, 2024
Introduced
Introduced in the Senate, Referred to Senate Budget and Appropriations Committee
upper
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Joe Pennacchio
RRepublican
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