3.0.0 4274 2022-11-01T13:50:04Z 2022-11-01T13:50:04Z House HR 2019-09-10 116 [Congressional Record Volume 165, Number 144 (Tuesday, September 10, 2019)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. GOTTHEIMER:H.R. 4274.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8[Page H7597]]]> hswm00 Ways and Means Committee House Standing Referred to 2019-09-10T14:02:10Z 2019-09-10 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2019-09-10 Introduced in House IntroReferral Intro-H 9 Library of Congress 2019-09-10 Introduced in House IntroReferral 1000 9 Library of Congress G000583 Rep. Gottheimer, Josh [D-NJ-5] Josh Gottheimer D NJ 5 N Z000017 Rep. Zeldin, Lee M. [R-NY-1] Lee Zeldin R NY M. 1 2019-09-10 True Taxation Capital gains tax Charitable contributions Income tax deductions Property tax State and local taxation Transfer and inheritance taxes Taxation 00 2019-09-10 Introduced in House 2019-09-23T18:08:58Z This bill amends the Internal Revenue Code to repeal the limitation on individual deductions for certain state and local taxes. (For tax years 2018-2025, the deduction for certain state and local taxes is currently limited to $10,000 per year for individuals or $5,000 for married individuals filing a separate return.)

The bill also (1) limits the amount of the step-up in basis of property acquired from a decedent to $5 million, for estate tax purposes, and (2) treats property contributed by a taxpayer to a private foundation as sold by such taxpayer on the date of such contribution for its fair market value.

]]> Cutting Local Taxes by Reinstating SALT Act Display Title Cutting Local Taxes by Reinstating SALT Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to repeal the limitation on the deduction for certain taxes, including State and local property and income taxes, to limit the step-up in basis allowed in the case of property acquired from a decedent, and to deem a sale on any contribution of property to a private foundation. Introduced in House IH Short Title(s) as Introduced Cutting Local Taxes by Reinstating SALT Act Introduced in House IH Introduced in House 2019-09-10T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr4274ih/xml/BILLS-116hr4274ih.xml 2019-09-10 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.