State And Local Tax Deduction Needs To Return

Capitol Comments

WASHINGTON, D.C. – U.S. Senator Bob Menendez (D-N.J.), a senior member of the Senate Finance Committee, questioned witnesses during a hearing entitled, “Tax Policy’s Role in Increasing Affordable Housing Supply for Working Families” about the impact the $10,000 state and local tax (SALT) cap has on middle class families.

“The 2017 Republican Tax Law gutted this essential deduction, not for large corporations, but for families - forcing them to be double-taxed and punishing states with progressive tax codes that choose to invest in their communities,” said Sen. Menendez. “New Jersey has some of the best schools in the nation, it has a vast infrastructure system in terms of transportation – these are all elements that make it a desirable state to live in.”

“Historians like Andrew Kahrl at the University of Virginia have found Black and Hispanic households have been subject to higher property tax assessments than their White counterparts,” said Sen. Menendez. “The SALT deduction has been vital in providing relief from unjust tax assessments, which is why the NAACP passed a resolution in support of lifting the cap. I’m going to continue to revisit this issue until we get it right.”

Sen. Menendez also questioned witnesses about what it would mean for the development of new multifamily buildings if Congress increased Low Income Housing Tax Credit’s (LIHTC) value and total amount of credits as outlined in the

Affordable Housing Credit Improvement Act, of which he has previously cosponsored.

“So as a nation we have to fi nd ways to build more affordable homes, and part of that solution should come from our new investments, but we also need to make maximally effective use of existing tools, such as the bipartisan Low Income Housing Tax Credit which subsidizes the creation of 100,000 units of affordable housing a year, but I think it has the potential to do even more,” added Sen. Menendez.

The Senator highlighted the proven track record Community Development Financial Institutions (CDFI) have of delivering fi nancing for the development of affordable housing in underserved communities. This is the reason Sen. Menendez led the effort to establish the CDFI Bond Guarantee Program, which enables the CDFIs to execute large scale development programs.

Sen. Menendez urged his colleagues to join in strongly supporting funding for CDFIs as the deal with the FY2024 appropriations.

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