Bill > HR246

This bill aims to increase the amount of state and local taxes (SALT) that individuals can deduct on their federal income tax returns. Currently, taxpayers are limited to deducting $10,000 in state and local taxes ($5,000 for married individuals filing separately), but the proposed legislation would raise this limit to $15,000 for individual filers and $30,000 for joint filers. The change would take effect for tax years beginning after December 31, 2024. The SALT deduction is an important tax provision that allows taxpayers to subtract certain state and local tax payments (such as property, income, and sales taxes) from their federal taxable income, thereby reducing their overall federal tax liability. By increasing the SALT deduction cap, the bill seeks to provide tax relief for individuals and families, particularly in states with higher state and local tax rates.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/246/all-info