Today, May 10th, 2023, Rep. Nick LaLota (NY-01) introduced H.R. 3098, the SALT Fairness and Deficit Reduction Act. This legislation would effectively bring the deduction to pre-2017 levels for the overwhelming number of taxpayers while at the same time reducing the federal deficit.
“As I continue to visit communities all over New York’s First Congressional District, one thing remains clear. The SALT deduction cap has caused significant hardship for Long Islanders. In a time of such economic uncertainty, working families need support,” said LaLota. “We must also take definitive action to address our deficit. I am proud to introduce my common sense legislation, which responsibly provides tax relief for middle-class families while cutting costs down the road.”
To read the full text of the legislation, click HERE.
Background:
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 31, 2032. This legislation would also index the caps to inflation.
