summary
Introduced
03/17/2021
03/17/2021
In Committee
03/17/2021
03/17/2021
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to increase the limitation on the amount individuals filing jointly can deduct for certain State and local taxes.
AI Summary
This bill, the SALT Deduction Fairness Act, proposes to amend the Internal Revenue Code to increase the limitation on the amount individuals filing joint tax returns can deduct for certain state and local taxes (SALT). Specifically, it would change the limitation from $10,000 (or $5,000 for married individuals filing separately) to $10,000 per individual, effectively doubling the deduction for joint filers. This amendment would apply to taxable years beginning after December 31, 2020, providing relief for taxpayers who have faced the cap on SALT deductions implemented in the 2017 tax reform legislation.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S1616) (on 03/17/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/senate-bill/804/all-info |
| BillText | https://www.congress.gov/117/bills/s804/BILLS-117s804is.pdf |
| Bill | https://www.congress.gov/117/bills/s804/BILLS-117s804is.pdf.pdf |
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