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Trump’s OBBBA reshapes tax planning for New Jersey businesses
The One Big Beautiful Bill Act makes key deductions permanent and expands SALT relief. NJBIZ asked local experts to explain more.
Gottheimer launches new tool in fight to restore SALT
U.S. Rep. Josh Gottheimer has launched a portal to accept comments on the issue that says will help inform a comprehensive plan his office expects to release this fall.
Bill to restore SALT deduction introduced in Congress
Capped at $10,000 per year through 2025 as part of the Tax Cuts and Jobs Act of 2017, the move adversely affected many northeastern states that have high property taxes, especially New Jersey.
Property taxes hit new high as Murphy promises action in next budget (updated)
The latest figures from the state's Department of Community Affairs show a third of counties with average bills above $10,000.
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.
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.
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.
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."
