Gov. Phil Murphy lobbies to restore federal property tax deduction

TRD New York /
Mar.March 05, 2019 02:11 PM

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]


Related Articles

arrow_forward_ios
Onyx Equities' Jonathan B. Schultz (left) and John Saraceno, Jr. with 7 Sylvan Way (right) and 8 Campus Drive in New Jersey (Onyx Equities)

Onyx Equities acquires massive New Jersey office portfolio for $160M

Onyx Equities acquires massive New Jersey office portfolio for $160M
As more New Yorkers escape to the suburbs or Florida, some of their brokers are going with them. (iStock)

Following the money, NY brokers seek licenses in other states

Following the money, NY brokers seek licenses in other states
Renters continue their tri-state bookings, eliminating the post-Labor Day slowdown (iStock)

In Hamptons and elsewhere, season no longer ends on Labor Day

In Hamptons and elsewhere, season no longer ends on Labor Day
Extell Development president Gary Barnett and Kushner Companies founder Charles Kushner with a rendering The Lofts at Pier Village in New Jersey (Rendering via Extell Development)

Kushner Cos. buys Gary Barnett out of development on NJ waterfront

Kushner Cos. buys Gary Barnett out of development on NJ waterfront
New Jersey Gov. Phil Murphy, New York Gov. Andrew Cuomo and Connecticut Gov. Ned Lamont (Credit: Murphy by Bennett Raglin/Getty Images for Montclair Film; Cuomo by Spencer Platt/Getty Images; Lamont by Bonnie Biess/Getty Images for SiriusXM)

Cuomo joins forces with Connecticut, NJ governors to combat coronavirus

Cuomo joins forces with Connecticut, NJ governors to combat coronavirus
Lucy the Elephant is for rent (Credit: iStock)

New Jersey’s most famous zoomorphic attraction is up for rent on Airbnb

New Jersey’s most famous zoomorphic attraction is up for rent on Airbnb
An aerial view and a rendering of The Element at 400 Claremont Avenue (Credit: Google Maps)

Jersey City mixed-use project lands $120M in financing

Jersey City mixed-use project lands $120M in financing
Meadowlands Arena (Credit: Google Maps and iStock)

NBC spends $750K to transform arena in New Jersey swamp

NBC spends $750K to transform arena in New Jersey swamp
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...