NJ Governor signs SALT deduction workaround into Law

New Jersey Governor Phil Murphy signed into law May 4th, 2018 the State and Local Tax Deduction bill that would allow New Jersey municipalities to create charitable funds through which NJ taxpayers can donate in exchange for a tax credit of up to 90% of their donation to reduce their property tax bill.  Generally, the charitable deduction would then be fully deductible on the federal income tax return.  The legislation will go into effect in July 2018.
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