[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5565 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 5565

 To amend the Internal Revenue Code of 1986 to eliminate the deduction 
for State and local taxes and to repeal title VI of the Social Security 
                                  Act.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 12, 2021

   Mr. Mast introduced the following bill; which was referred to the 
   Committee on Ways and Means, and in addition to the Committee on 
Oversight and Reform, for a period to be subsequently determined by the 
  Speaker, in each case for consideration of such provisions as fall 
           within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to eliminate the deduction 
for State and local taxes and to repeal title VI of the Social Security 
                                  Act.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Banana Stand Money Act''.

SEC. 2. ELIMINATING THE STATE AND LOCAL TAX DEDUCTION.

    (a) In General.--Section 164(b)(6) of the Internal Revenue Code of 
1986 is amended--
            (1) in the heading, by striking ``for taxable years 2018 
        through 2025'';
            (2) by striking ``, and before January 1, 2026''; and
            (3) in subparagraph (B), by striking ``$10,000 ($5,000 in 
        the case of a married individual filing a separate return)'' 
        and inserting ``$0''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.

SEC. 3. REPEAL OF CORONAVIRUS RELIEF, FISCAL RECOVERY, AND CRITICAL 
              CAPITAL PROJECTS FUNDS.

    Title VI of the Social Security Act is repealed, and any 
unobligated amounts made available under such title are hereby 
rescinded.
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