On Thursday, the House concurred with changes from the Senate and passed the One Big Beautiful Bill by a vote of 218–214. The bill was signed into law by President Trump on July 4.
The Senate modified the State and Local Tax (SALT) Cap Deduction from the House bill. Under this legislation, the SALT cap deduction is $40,000 for married couples earning less than $500,000 annually, rising annually by 1%. The Senate added a five-year sunset provision, meaning the SALT cap deduction reverts to $10,000 in 2029. While the League is disappointed with the sunset provision, we are grateful for the short-term relief.
For a further breakdown of the new law’s components, please review the League’s post from last week.
Contact: Paul Penna, Director of Government Affairs, ppenna@njlm.org, 609-695-3481, x110.