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119th CONGRESS
1st Session |
To amend the Internal Revenue Code of 1986 to increase the limitation on the amount individuals can deduct for certain State and local taxes.
Ms. Underwood (for herself and Mr. Casten) introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to increase the limitation on the amount individuals can deduct for certain State and local taxes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “SALT Fairness for Working Families Act”.
SEC. 2. Increase in limitation on deduction for certain State and local taxes of individuals.
(a) In general.—Section 164(b)(6)(B) of the Internal Revenue Code of 1986 is amended by striking “$10,000 ($5,000 in the case of a married individual filing a separate return)” and inserting “$15,000 (twice such amount in the case of a joint return)”.
(b) Effective date.—The amendment made by this section shall apply to taxable years beginning after December 31, 2024.