The latest figures from the state's Department of Community Affairs show a third of counties with average bills above $10,000.
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House clears $1.75T spending plan, boosts SALT deduction
If enacted, the Build Back Better bill would raise the cap on state and local property tax deductions from $10,000 to $80,000 through 2030.
Read More »New $1.75T spending plan would lift $10K SALT cap for 5 years
The limit was enacted as part of the Republican-backed Tax Cuts and Jobs Act of 2017, and panned by Democrats in high-tax states like New York and New Jersey who said it was crafted to target them specifically.
Read More »Biden’s $1.75T spending plan leaves out repeal on $10K SALT cap
The proposal unveiled Oct. 28 removed paid family leave in a bid to win support of all 50 Democrats in the U.S. Senate, whose every vote is needed to push it through, but leaves in the feature from the 2017 Republican-led federal tax cuts.
Read More »New poll shows most in NJ want $10K SALT cap lifted
The limit on state and local property tax deductions was passed as part of the 2017 federal tax law signed by then-President Donald Trump, a Republican. According to FDU's survey, however: “In a rare instance of bipartisanship, equal proportions of Democrats and Republicans say the SALT cap should be removed."
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