Today, Reps. Nick LaLota (NY-01), Anthony D’Esposito (NY-04), and Mike Lawler (NY-17) offered LaLota’s SALT Fairness and Deficit Reduction Act to the House Rules Committee as an amendment to the bipartisan Fiscal Responsibility Act.
“I came to Congress promising to take every opportunity I could to restore the SALT deduction and support Long Island families. My amendment would insert the text of my SALT Fairness and Deficit Reduction Act into the Fiscal Responsibility Act, providing more tax relief for Americans and doing even more to address our federal deficit,” said LaLota. “The bipartisan Fiscal Responsibility Act already provides much-needed support to the American people while addressing spending, adding my legislation would take it another step in the right direction. I am hopeful that the House Rules Committee will allow my amendment to be considered on the House Floor to give Long Islanders tax relief while cutting costs down the road.”
“My Long Island neighbors sent me to Congress to provide meaningful tax relief to local families, and one way I have been fighting to deliver that relief is by removing the current SALT cap,” said D’Esposito. “I am proud to join my colleague, Congressman Nick LaLota, in introducing an amendment to the Fiscal Responsibility Act that would effectively restore the SALT cap to pre-2017 levels for the vast majority of Americans. Including the text of the SALT Fairness and Deficit Reduction Act as an amendment to the Fiscal Responsibility Act strengthens this sweeping bipartisan deficit reducing legislation and provides added financial relief to Americans.”
“The arbitrary cap on SALT coupled with record inflation has made the affordability crisis even worse for Hudson Valley families, and I have said from the beginning that it needs to be lifted,” said Lawler. “I’m proud to co-sponsor Rep. LaLota’s amendment to the Fiscal Responsibility Act that lifts the cap to $60,000 for individual filers and to $120,000 for married couples filing a joint return. This amendment would eliminate the unfair penalty for the vast majority of Hudson Valley families and is a critical part of solving New York’s affordability crisis.”
To read the full text of the amendment, click HERE.
To read the full text of the SALT Fairness and Deficit Reduction Act, click HERE.
Background:
LaLota introduced the SALT Fairness and Deficit Reduction Act earlier this month, D’Esposito and Lawler are signed on as cosponsors of the legislation. The bill would effectively bring the deduction to pre-2017 levels for the overwhelming number of taxpayers while at the same time reducing the federal deficit.
The SALT Fairness and Deficit Reduction Act would raise and extend the SALT deduction cap to $60k for single filers and $120k for joint filers beginning in 2023 and lasting until December 31st, 2032. This legislation would also index the caps to inflation.
