While it remains to be seen whether bipartisan support for a full or partial SALT restoration is feasible or even affordable in the new Congress, the fight – or at least the conversation – is one well worth having. Indeed, homeowners, particularly in the northern part of New Jersey, are going to be hit hard by the SALT change.
An analysis by the Institute on Taxation and Economic Policy estimates that New Jersey would pay $3.1 billion more in taxes annually with the removal of the full SALT deduction. Gottheimer said the average SALT deduction in Bergen County in 2016 was $24,783, while Pascrell said the average SALT deduction statewide was $18,000 in 2016. Read more