The House of Representatives voted Friday to pass the Inflation Reduction Act, which now heads to President Biden’s desk for his signature. The measure, which passed largely along party lines, includes investing in domestic energy production, reducing the cost of health care including prescription drug prices, and closing tax loopholes for businesses. But the bill does not remove the state and local tax deduction cap, which New Jersey Congress members, including Rep. Mikie Sherrill (D-11th), had pushed for.
The fight to reverse the SALT deduction cap is not over, Sherrill said in an interview with NJ Spotlight News. “In fact just this morning I was speaking to the chairman of ways and means, the committee that has jurisdiction over taxation in the House of Representatives, and telling the chairman I want to see a SALT fix in the tax extenders. I’ve sent a letter to him along with several other members of Congress just this morning. So, no, the fight certainly isn’t over and won’t be over until we see an end to this double taxation on New Jerseyans,” Sherrill said.
The Inflation Reduction Act, Sherrill said, “is a great piece of legislation that’s lowering the price of prescription drugs, lowering energy costs, lowering health care premiums … What this bill does is instead of raising individual costs on families, it actually lowers taxes on families through energy efficiency subsidies and also again lowers all those costs that from the start of my time on Congress that I’ve been fighting for — like prescription drugs, energy costs and health care premiums.”
