With the Senate expected to vote this week on Republican-sponsored legislation to overhaul the nation’s tax code, it’s possible that a bill could be ready for President Donald Trump to sign before Christmas. That’s if Republicans manage to reconcile House and Senate bills. And the implications are ominous for homeowners and renters in New Jersey, as they are for those in New York.
As it stands, the Republican Senate bill would eliminate all SALT (state and local income tax) deductions. And if the Republican House bill’s proposal to limit the mortgage interest deduction gets through reconciliation, that could lead to a drop in house prices in this region.
on WNYC News Online, a content partner of NJ Spotlight.