Representative Malinowski Advances Restoration of the SALT Deduction for New Jersey’s Middle-Class Constituents
(Washington, DC) Today, the House passed President Biden’s Build Back Better Act. The transformative legislation includes a provision drafted by Representative Malinowski that would fully restore the SALT deduction for New Jersey taxpayers for the next nine years. Representative Malinowski was instrumental in negotiating SALT as part of the spending bill and issued the below statement.
“When I ran for office in 2018, I promised to restore the SALT deduction for my middle-class constituents. The Build Back Better Act, which we passed today, includes a deal I helped negotiate with the White House and Congressional Leadership that would fully restore the SALT deduction for over 96% of taxpayers for the next nine years.
Crucially, the House SALT provision pays for itself – so it does not increase the federal deficit, require us to raise other taxes, or take resources away from the investments in infrastructure, education, and clean energy we are also making today. It will also give homeowners and people thinking of buying a home the assurance they need that they will be able to deduct their property taxes for almost a decade. I am proud we’re delivering on our promise with this very simple approach that benefits virtually everyone in my district without costing a penny.
The details of how SALT is addressed in Build Back Better may evolve as the bill heads to the Senate, but I’m optimistic we’ll end up with a solution that preserves these principles – full deductibility for the overwhelming majority of New Jerseyans, stability over time, and fiscal responsibility. I will continue to work with key members of the Senate, including Senators Menendez and Sanders, to ensure that happens.
We could not have achieved this win without the leadership of the entire New Jersey Congressional Delegation, including Representatives Pascrell, Gottheimer, and Sherrill. Together, we insisted ‘No SALT, no deal,’ and the House heeded our call. As a result, we are closer than ever to reversing the injustice of the 2017 GOP tax bill, which deliberately targeted middle-class homeowners to pay for its corporate tax cuts, and punished states like New Jersey where we have chosen to pay for good schools and services. Together, we are bringing tax fairness back to New Jersey.”