House Lawmakers Relaunch Caucus to Raise SALT Cap

House Lawmakers Relaunch Caucus to Raise SALT Cap

THE SIGNAL

Rep. Bill Pascrell, D‑N.J., speaks at a news conference announcing the state and local taxes caucus outside the Capitol on April 15, 2021.Sarah Silbiger | Bloomberg | Getty ImagesA group of bipartisan House representatives relaunched the SALT caucus last week, calling for relief from the $10,000 limit on the federal deduction for state and local taxes.Enacted through former President Donald Trump’s 2017 tax overhaul, the state and local tax cap has been a key issue for certain lawmakers in high-tax states, such as New York, New Jersey, California and Illinois, because residents can’t deduct more than $10,000 in state and local levies on their federal returns.Without an act of Congress, the $10,000 limit will sunset after 2025, but members of the SALT caucus want to see changes sooner. They’ve also vowed to fight attempts to extend the cap.More from Smart Tax Planning:Here’s a look at more tax-planning news.“Restoring SALT will get more dollars back into the pockets of hardworking families who are already struggling with high cost,” Rep. Josh Gottheimer, D‑N.J., SALT caucus co-chair, said at a press conference last week.With a slim Democratic House majority, the SALT cap was a sticking point during Build Back Bett …

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