Gottheimer fights to pass SALT cap expansion in the House
Full SALT Deduction Restored in 22 Months
NEW JERSEY – U.S. Congressman Josh Gottheimer announced Monday new steps he’s taking to lower taxes for Jersey families and restore the State and Local Tax Deduction.
Gottheimer Action to Provide SALT Relief for Jersey:
- This week, Congressman Gottheimer sent a letter to the Ways and Means Committee emphasizing the importance of raising the SALT cap now, and voting on the House floor for the SALT Marriage Penalty Elimination Act. That bill will end the marriage penalty and double the SALT deduction from $10,000 to $20,000 for the 2023 tax year.
- In preparation for the House voting on SALT legislation, last week, during a House Financial Services Committee hearing, Gottheimer directly urged the U.S. Treasury Secretary, Janet Yellen, to ensure that the IRS is ready to process the increased 2023 SALT deduction during this tax filing season. Yellen also agreed that families from states like New Jersey have had to bear the burden of the SALT provision in the 2017 Tax Hike Bill.
- Gottheimer also highlighted that doubling SALT from $10,000 to $20,000 is not acceptable for a long-term solution. When the 2017 Tax Hike Bill expires at the end of 2024, Gottheimer will fight to ensure the full SALT deduction is returned in full for the 2025 tax year.
“Anyone who lives in Jersey knows that when a winter storm is coming, you’ve got to salt the roads. That’s the best way to stop you from slipping and sliding in a storm. Ahead of tomorrow’s snowstorm, Jersey families don’t just need salt for their roads, they also need more SALT for their pocketbooks. the tax man coming in April, there would be no better way to lower taxes for Jersey families than to restore the State and Local Tax Deduction. And it starts with a vote this week on legislation in Congress,” Gottheimer said. “The vote this week will double the deduction for 2023 tax year from $10,000 to $20,000 a family. It is a down payment on our way to fully restoring the full deduction in 2025. When the 2017 Tax Hike Bill expires at the end of 2024, the SALT deduction will come back in full for the 2025 tax year – and then we can get the whole SALT shaker back. It will be just like before 2017. No more double taxation.”
Gottheimer was joined by Bergen County Commissioners Chairwoman Germaine Ortiz and Rafael Marte and Ridgewood Mayor Paul Vagianos.
