“The SALT deduction cap has created extreme hardship for Long Islanders. During these times of economic uncertainty, working families need support,” Lalotta said.
Today, May 10, 2023, Rep. Nick Lalotta (NY-01) Launched HR 3098, the SALT Equity and Deficit Reduction Act. The legislation would effectively boost deductions for the vast majority of taxpayers to pre-2017 levels while reducing the federal deficit.
“As I continue to visit communities in New York’s 1st Congressional District, one thing remains clear. The SALT deduction cap is causing extreme hardship for Long Islanders. Working families need support during these times of economic uncertainty,” Lalotta says“We must also take clear action to address our deficit. I am proud to introduce my commonsense legislation that responsibly provides middle-class families with tax relief while reducing costs.”
To read the full text of the legislation, click here.
background:
Beginning in 2023 and continuing through December 31, 2032, the SALT Equity and Deficit Reduction Act would increase and extend the SALT deduction cap to $60,000 for single filers and $120,000 for joint filers. The legislation also pegs the cap to inflation.
