U.S. Senate Committees are beginning consideration, review and potential changes to the One Big Beautiful Bill that passed the House in May. The house bill preserves and improves several policies and programs important to local governments, most importantly preserving the tax exempt status of municipal and private activity bonds.
As the Senate considers the bill, we are concerned that the SALT Deduction Cap increase to $40,000 may be changed. We suggest you reach out to Senators Booker and Kim to ensure the SALT deduction remains unchanged.
This is a fluid situation, and we will continue to monitor and report accordingly.
Contact: Paul Penna, Director of Government Affairs, ppenna@njlm.org, 609-695-3481, x110.