A New Jersey lawmaker has introduced legislation that would eliminate the $10,000 limit on the amount of property taxes that can be deducted on state income tax returns.
Republican Senator Joe Pennacchio says allowing the full amount of property taxes to be deducted on New Jersey tax returns would soften the blow of Congress’s plan to limit federal tax deductions. And he hopes Governor-elect Phil Murphy supports it.
“If anything it would show a consistency and an honesty with that issue. You can’t blame Congress and the President for doing one thing yet it’s in your power to do exactly the opposite in your state.”
Pennacchio believes his plan is the most effective way to give New Jersey residents property tax relief and is seeking bipartisan support in the legislature to enact it.
“But I don’t know if we have enough time in lame duck. So it would be my hope that Governor Murphy comes in along with the legislature and we are able to do this on a bipartisan basis and do it retroactively starting January 1st of next year’s tax season.”