Well, This Is One Way To Address The Problem . . .

New Jersey State Senator Jennifer Beck (R-Monmouth) has introduced legislation increasing the state income tax deduction for property taxes paid by homeowners and renters.

Sen. Jennifer Beck has introduced legislation increasing by 75% the maximum state income tax deduction for property taxes that can be claimed by homeowners and renters. (SenateNJ.com)

“New Jersey’s current $10,000 limit on the state income tax deduction that can be claimed for property taxes does not represent the reality of what many homeowners actually pay,” said Beck. “Increasing the limit substantially will provide much needed tax relief to many overburdened residents.”

Beck’s tax relief plan would increase the maximum deduction that can be claimed under the New Jersey Gross Income Tax for property taxes that have been paid from $10,000 to $17,500.

The property tax deduction would increase by $2,500 per year over a three-year phase-in period.

Beck noted the added importance of her legislation in light of tax reforms recently proposed by leaders in Washington, which include the elimination of federal income tax deductions for state and local taxes (SALT).

“New Jersey residents are some of the most highly taxed people in the country, and I’m concerned that proposed federal tax reforms will add to the burden,” said Beck. “I’ve been working on multiple fronts to reduce the tax burden on New Jersey residents, and the legislation I introduced today was already planned prior to the President’s announcement.”

She expressed gratitude that New Jersey’s delegation in the United States Senate and House of Representatives has begun to fight to retain the SALT deductions.

“New Jerseyans pay the most in property taxes, some of the highest state income taxes, and fund a disproportionate share of the federal government,” said Beck. “I’m glad to see both Republicans and Democrats in our congressional delegation working together to prevent the elimination of the SALT deduction which provides critical tax relief to New Jersey residents.”

Beck said that the potential harm that could be caused to New Jerseyans if the federal SALT deduction is eliminated only increases the urgency for state tax reforms.

“The fact that the elimination of the federal SALT deduction would hurt New Jersey so greatly only serves to highlight the underlying problem that our state income and local property taxes are too high,” added Beck. “My new legislation is one additional way that we can directly attack the problem.”

Beck sponsors other measures that would reduce the cost of government in New Jersey by slashing expensive sick leave payouts, eliminating taxpayer-funded pensions for corrupt public officials, and cutting the growing cost of public employee health benefits.