The Real Deal New York

Gov. Phil Murphy lobbies to restore federal property tax deduction

March 05, 2019 02:11PM

Along with a group of Democratic governors, New Jersey Gov. Phil Murphy is stepping up on efforts to restore a full federal deduction for state and local property taxes (SALT), NJ.com reports. The tax law passed by Republicans and signed by President Trump in late 2017 put a $10,000 cap on SALT deductions, which will reportedly cost nearly 11 million taxpayers a collective $323 billion this year. The lobbying effort by the so-called Governors Coalition for Tax Fairness is the latest attempt by Murphy and others to get around that limit. New Jersey, along with Connecticut, Maryland and New York, is already suing the Trump administration over the tax law changes. Trump is reportedly open to changing the controversial SALT provision. [NJ.com]