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N.J. SALT Cap Workaround Pulls $1.6 Billion in December Revenue (1)

Jan. 14, 2022, 9:05 PMUpdated: Jan. 16, 2022, 2:04 PM

New Jersey reaped $1.6 billion in revenue from a tax break crafted to ease the pain of the $10,000 federal cap on individuals’ deductions for state and local taxes.

Tax collections from the Pass-Through Business Alternative Income Tax, which was enacted a year ago, rose $594.9 million, or 61.2% over the previous December, according to data released by the New Jersey Department of Treasury on Friday.

The fresh numbers come as Gov. Phil Murphy (D) is poised to sign a bill that will expand the benefit that individuals receive from the elective tax on ...