“Governor-elect Murphy has been critical of the national restriction of the SALT deduction. If he is to be consistent, he should support eliminating New Jersey’s $10,000 cap,” stated Pennacchio. “Although asked for comments by various media groups, Governor-elect Phil Murphy has yet to say he will support the elimination of the $10,000 cap. I am asking for the Governor-elect’s commitment, yea or nay. If nay, that puts great urgency on the Legislature to pass S-3598 and have Governor Christie sign it.”
Pennacchio’s legislation, S-3598, would allow New Jersey homeowners and renters to fully deduct their property taxes. The maximum deduction that can be claimed under the New Jersey Gross Income Tax for property taxes is currently $10,000.
“Seizing this opportunity to provide immediate property tax relief should be the top priority in Trenton,” Pennacchio stated. “My bill, S-3598, provides solutions to Governor-elect Murphy’s concerns of Washington and focuses on supporting our hard working families in New Jersey."