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(WASHINGTON, DC) - Today, Congresswoman Nicole Malliotakis announced that multiple pieces of legislation she authored, co-sponsored or championed are included in the House Ways and Means legislation that will be part of Republicans’ “One, Big, Beautiful Bill.” The bill passed out of the Ways and Means Committee by a vote of 26-19 following an 18-hour marathon meeting that concluded at 8:00 AM this morning.
“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. I’m proud to have championed and successfully secured provisions into the tax package that will lower the taxes senior citizens pay on their Social Security income, increase the Standard Deduction and Child Tax Credit, and triple the State and Local Tax (SALT) deduction. These provisions will save individuals and families thousands of dollars annually, and with today's passage out of Committee, we are a step closer to delivering relief.”
Malliotakis also worked to ensure the Alternative Minimum Tax which, prior to 2017, hurt families with middle incomes, did not return, and that the reduced income tax brackets established in 2017 will be made permanent. Additionally, the legislation provides tax incentives for the expansion of domestic factories and manufacturing operations to repatriate our supply chain, create American jobs and protect our national security.
Highlights of the "One, Big, Beautiful Bill" include:
Bonus Deduction For Seniors: Would increase the additional bonus deduction for seniors age 65 and over from $1,950 to $5,950 for single filers, and from $3,100 to $11,100 for married couples for individuals with an adjusted gross income (AGI) less than $75,000 and couples with an AGI less than $150,000. This deduction phases down as adjusted gross incomes increases to $175,000 for individuals and $350,000 for married couples.
Increases the SALT Deduction: The SALT deduction will be tripled to $30,000 covering 98% of NY-11.
Prevents the Return of the Alternative Minimum Tax: Successfully stops the return of the Alternative Minimum Tax that crushed middle-income families.
Increases the Standard Deduction: Increases the standard deduction to further lower taxable income for hardworking taxpayers and families to $16,300 for individuals and $32,600 for married couples.
Expands the Child Tax Credit: Builds on the 2017 expansion by increasing the credit by an additional $500 to $2,500.
No Tax on Auto Loan Interest: Makes auto loan interest on American-made car loans fully deductible for American families
Other existing legislation sponsored or cosponsored by Malliotakis included in the bill are:
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H.R. 1801 The Employer Participation in Repayment Act - extends tax-free employer reimbursement for students and college graduates is included in the package. Originally enacted under the March 2020 CARES Act, this provision allows employers to provide up to $5,250 annually tax-free to cover student loan payments, tuition, books, and course-related supplies. It is currently set to expire at the end of 2025, and would be made permanent.
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H.R. 833 The Educational Choice for Children Act - expands education freedom and opportunity for students, the legislation creates a tax credit for individuals and businesses that make charitable donations to nonprofit organizations offering scholarships. These scholarships help cover K–12 education expenses for qualified students attending public or private schools, including special needs programs.
For a full list of provisions that will benefit our economy, small businesses, individuals, and families visit: The House Committee on Ways and Means Website.
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