Last week, the House of Representatives passed the “Big, Beautiful Bill,” which includes a SALT cap deduction increase to $40,000 for taxpayers earning up to $500,000 annually. The provision increases 1 percent annually and expires after 10 years.
As we reported last week, the Senate has not yet begun considering the House bill. That should occur in the coming weeks.
Contact: Paul Penna, Director of Government Affairs, ppenna@njlm.org, 609-695-3481, x110.