Rep. Nicole Malliotakis and local officials celebrated a narrow House approval of a significant SALT deduction increase, raising the cap from $10,000 to $40,000 and phasing it out for incomes exceeding $500,000. This change aims to support middle-class homeowners in Staten Island and Brooklyn, potentially saving families thousands annually. Malliotakis emphasized that the legislation, while benefitting the working class, counters claims of favoring the wealthy. The cap will also be adjusted annually from 2026 through 2033, enhancing its value over time, pending Senate approval.
Malliotakis stated, "This truly benefits the people of Staten Island and Brooklyn, like the homeowners who are with us today. It could save the average family on Staten Island thousands of dollars a year."
The SALT deduction allows households to deduct what they pay in state and local income and property taxes from the amount of their income that is subject to federal taxes.
Collection
[
|
...
]