The New Jersey Senate has approved Sen. Joe Pennacchio’s legislation to increase New Jersey’s maximum income tax deduction for property taxes to $15,000. (SenateNJ.com)
“By increasing our state income tax deduction for property taxes from $10,000 to $15,000, we’re providing real property tax relief to New Jersey residents,” said Pennacchio (R-26). “This was a bipartisan effort that I was glad to lead the charge on.”
Pennacchio proposed increasing the state’s deduction for property taxes following the passage of tax reforms in Washington that limited the federal SALT deduction for state and local taxes to $10,000.
His legislation, S-64, increases the maximum deduction that residents could claim for property taxes when they file their state income taxes to $15,000, a 50 percent increase.
“It would be hypocritical of us to criticize the federal limitation of the deduction for property taxes to $10,000 when New Jersey has long had an identical limit,” added Pennacchio. “While I had hoped to make all of our property taxes deductible, today’s Senate vote represents a good step in our efforts lower New Jersey’s crushing tax burden. I’m glad that after being the first to discuss this proposal last year, I was able to convince my colleagues on both sides of the aisle to work together to move this initiative forward for taxpayers.”
Pennacchio proposed increasing the state’s deduction for property taxes following the passage of tax reforms in Washington that limited the federal SALT deduction for state and local taxes to $10,000.
His legislation, S-64, increases the maximum deduction that residents could claim for property taxes when they file their state income taxes to $15,000, a 50 percent increase.
“It would be hypocritical of us to criticize the federal limitation of the deduction for property taxes to $10,000 when New Jersey has long had an identical limit,” added Pennacchio. “While I had hoped to make all of our property taxes deductible, today’s Senate vote represents a good step in our efforts lower New Jersey’s crushing tax burden. I’m glad that after being the first to discuss this proposal last year, I was able to convince my colleagues on both sides of the aisle to work together to move this initiative forward for taxpayers.”
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