The House Rules Committee on Thursday approved a bill led by New York Republicans that would increase the limit on state and local tax (SALT) deductions, setting up a possible floor vote on the measure. next week.
The Rules panel voted 8-5 along largely party lines to approve the legislation, which aims to eliminate the so-called “marriage penalty” for joint filers who earn less than $500,000 a year and sets their limit on SALT deductions at $20,000.
Texas Rep. Chip Roy was the only Republican on the committee to join Democrats in voting against it, indicating that the New York GOP delegation may have to whip other colleagues to pass the bill in the House. Chamber, closely divided.
The SALT Marriage Penalty Elimination Act was introduced by Empire State Republican Reps. Mike Lawler, Anthony D’Esposito, Marc Molinaro, Nick Lalota and Andrew Garbarino, who threatened to withhold voting on other bills if theirs failed. .
“I promised to vote against House Republicans’ tax legislation if it did not include any provision to increase the limit on the SALT deduction. I kept my promise,” D’Esposito said in a statement.
The House Rules Committee on Thursday approved a bill led by New York Republicans, including Rep. Mike Lawler, that would increase the limit on state and local tax (SALT) deductions. AP “I vowed to vote against House Republicans’ tax legislation if it did not include any provision to increase the limit on the SALT deduction. I kept my promise,” said Rep. Anthony D’Esposito (R-NY). CQ-Roll Call, Inc via Getty Images
“My fellow New Yorkers and I made the importance of SALT clear to House leaders and I co-sponsored a bill to increase the SALT limit for married taxpayers,” he added. “I will continue to stand up for New York taxpayers and fight to get this bill passed in the House.”
Lawler said his bill would be considered “as soon as next week,” but a spokeswoman for House Speaker Mike Johnson (R-La.) could not confirm the exact timeline.
“However, there is still work to be done and I look forward to this crucial legislation passing the House,” Lawler added. “We must finish the job and get this passed in the Senate and quickly sent to the President’s desk; working, middle-class families across our country deserve this critical relief.”
The Tax Cuts and Jobs Act signed into law by President Donald Trump in 2017 introduced a limit on SALT deductions of $10,000, hurting residents of high-tax states like New York and New Jersey, who were previously able to deduct state taxes and of your federal principal amount owed.
The provision would expire in 2025, but will become permanent if Congress passes Lawler’s bill.
Lawler said his bill would be considered “as soon as next week,” but a spokeswoman for House Speaker Mike Johnson (R-La.) could not confirm the exact timeline. AP
“By extending expired provisions of Trump’s economic policies that brought us the lowest unemployment in 50 years and expanding the child tax credit that lifted millions of families out of poverty, we are helping our economy recover,” the representative said. of Staten Island, Nicole Malliotakis (R-NY) told The Post.
“As a member of the Ways and Means Committee, I look forward to continuing to provide tax relief to Americans and working to increase the Standard Deduction, SALT relief, and exempt more Social Security income from taxation.”
But House Minority Leader Hakeem Jeffries (D-N.Y.) blamed Republicans during a news conference for creating the problem when they blew up the state and local tax deduction and forced families middle class, in some cases, to pay tax bills of $10,000 or more. $20,000 or $25,000 more than they would have otherwise faced.
New Jersey Democratic Rep. Mikie Sherrill had cosponsored a nearly identical but earlier version of the bill. Still, it’s unclear how many other Democrats would vote for its passage.
House Minority Leader Hakeem Jeffries (D-NY) blamed Republicans during a press conference for creating the problem. fake images
Rep. Bill Pascrell (D-NJ) introduced an amendment to raise the SALT limit to $60,000 as part of a broader tax bill considered in the House Ways and Means Committee, but all Republicans voted against it. the amendment.
New York Republican lawmakers previously requested that same amount of deduction during last year’s debt ceiling fight.
On Wednesday, the House passed the $78 billion tax bill in a bipartisan 357-70 vote, with 47 Republicans (including D’Esposito and LaLota) and 23 Democrats voting against the measure.
New Jersey Democratic Rep. Mikie Sherrill had cosponsored a nearly identical but earlier version of the bill, but it is unclear how many other Democrats would vote for its passage. CQ-Roll Call, Inc via Getty Image
The bicameral Tax Relief for American Families and Workers Act was authored by House Ways and Means Chairman Jason Smith (R-Mo.) and Senate Finance Committee Chairman Ron Wyden (D- Ore.), and was raised under suspension of the rules, meaning it faced no procedural obstacles before the final vote.
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The bill increases the maximum per-child tax credit to $2,000 through 2025 and increases the low-income housing tax credit by 12.5% through 2025.
It also has provisions to deduct any taxable income from disaster relief due to wildfires or the derailment of the Norfolk Southern train in East Palestine, Ohio, as well as various business deductions and an exception for Taiwanese companies to avoid taxing two times to its workers in the US and abroad. .
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