A cherished tax deduction that hit high-income earners in New York, California and New Jersey and was eliminated by the Trump Administration may soon be making a comeback.

Momentum is building for the reinstatement of the federal government's state and local tax deduction better known as the SALT deduction FOX Business has learned. The deduction was nearly eliminated as part of the former President Trump's Tax Cuts and Jobs Act of 2017. Instead, the federal government instituted a $10,000 cap on the SALT deduction. Previously there was no cap. READ MORE