The entire New Jersey House delegation sent a letter to House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer requesting the repeal of the State and Local Tax (SALT) Deduction cap. They stated that:
“the SALT Deduction has historically strengthened state and local government functions including public health programs, safety nets for low-income residents, and emergency response services.”
Also this week, Congressman Josh Gottheimer wrote to Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig asking that the Internal Revenue Service roll back the rule entitled “Contributions in Exchange for State or Local Tax Credits” as it:
“places an unnecessary burden on states’ ability to offer tax credits for residents who donate to these charities. If Congress had intended to eliminate tax benefits for donors to these long-standing programs, language to do as much would have been included in P.L.115- 97, the tax law enacted in December 2017.”
The League strenuously advocated to keep the full deductibility of SALT prior to enactment of a cap in December, 2017. This topic has remained a top federal priority in frequent conversations with New Jersey’s federal representatives.
Contact: Paul Penna, Legislative Analyst, email@example.com, 609 695-3481, x110.