From the Star Ledger:
Following President Joe Biden’s signature Monday on a $1 trillion bipartisan infrastructure bill, the House later this week is expected to turn its attention to a $1.75 trillion proposal that would restore most of the federal deduction for state and local taxes.
While still subject to further changes, the legislation scheduled for a vote by the end of the week would increase the amount allowed to be deducted up to $80,000 through 2030, with the $10,000 cap returning in 2031.
The second bill would also for one year also extend the expanded child tax credit for lower- and middle-class families, which was part of Biden’s $1.9 trillion coronavirus stimulus lawthat passed over unanimous Republican opposition.
According to a study released Monday by the Center on Budget and Policy Priorities, a progressive research group, the expanded credit would benefit 1.6 million children in New Jersey and lift 93,000 above the poverty line.
Another 388,400 working New Jersey adults without children would benefit from the bill’s expanded earned income tax credit, the center said.
In addition, two-thirds of those taking the deduction in New Jersey, the state with the nation’s highest property taxes, had income between $75,000 and $200,000, according to Internal Revenue Service statistics.
“I really look forward to Republicans attacking me on restoring the SALT deduction for homeowners in my district,” Malinowski said.