Congresswoman Nicole Malliotakis announced that several legislative measures she has authored, co-sponsored, or supported are included in the House Ways and Means legislation. This bill is part of the Republicans’ “One, Big, Beautiful Bill,” which recently passed out of the Ways and Means Committee with a 26-19 vote after an 18-hour session.
Malliotakis stated, “Today is a great day for Staten Islanders and Brooklynites who are desperate for tax relief so they can keep more of their hard-earned money.” She emphasized that her efforts have led to provisions in the tax package aimed at reducing taxes on Social Security income for senior citizens, increasing the Standard Deduction and Child Tax Credit, and tripling the State and Local Tax (SALT) deduction. These changes are expected to save individuals and families thousands annually.
The congresswoman also ensured that the Alternative Minimum Tax does not return to affect middle-income families as it did before 2017. Additionally, she worked towards making permanent the reduced income tax brackets established in 2017. The legislation includes incentives for expanding domestic factories and manufacturing operations to repatriate supply chains, create jobs, and enhance national security.
Key components of the “One, Big, Beautiful Bill” include:
– A bonus deduction increase for seniors aged 65 and over.
– Tripling of the SALT deduction.
– Prevention of the return of the Alternative Minimum Tax.
– An increase in the standard deduction.
– Expansion of the Child Tax Credit by $500.
– Full deductibility of auto loan interest on American-made car loans.
Other pieces of legislation sponsored or cosponsored by Malliotakis included in this bill are:
H.R. 1801 The Employer Participation in Repayment Act extends tax-free employer reimbursement for student loans. Originally part of the March 2020 CARES Act, this provision allows employers to provide up to $5,250 annually tax-free for student loan payments and educational expenses. It is set to be made permanent beyond its current expiration at the end of 2025.
H.R. 833 The Educational Choice for Children Act creates a tax credit for donations to nonprofit organizations offering scholarships covering K–12 education expenses.
For further details on provisions benefiting various sectors visit: The House Committee on Ways and Means Website.
