House Republicans from high-tax states signaled they’re inching closer to a deal on the state and local tax deduction following a Wednesday meeting with Treasury Secretary Scott Bessent.
Young Kim of California and Andrew Garbarino of New York both said they made progress at the meeting but did not divulge details on the negotiations, which are crucial to passing President Donald Trump’s multi-trillion dollar tax and spending bill.
“I’m working diligently so that we have a good product that we can all support,” Kim said after the meeting.
The House bill, which passed the chamber on a single vote last month, sets a $40,000 cap and would phase down the break for those with incomes of more than $500,000 in 2025, with the income limit and cap increasing by 1% per year as well.
The Senate’s version of the bill, which Republican leaders hope to pass this weekend, keeps the cap at the current level of $10,000.
Senator Markwayne Mullin, an Oklahoma Republican involved in negotiating the deal, has said that lawmakers are homing in on a deal that keeps the $40,000 cap, but that they are still debating the income threshold to qualify.
(Credit: Artur Szczybylo/Adobe Stock)
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