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Bill > HR4740
US HR4740
US HR4740SALT Deductibility Act Securing Access to Lower Taxes by ensuring Deductibility Act
summary
Introduced
01/08/2018
01/08/2018
In Committee
01/08/2018
01/08/2018
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
SALT Deductibility Act Securing Access to Lower Taxes by ensuring Deductibility Act 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.)
AI Summary
This bill, the SALT Deductibility Act or the Securing Access to Lower Taxes by ensuring Deductibility Act, amends the Internal Revenue Code to repeal the current limitation on individual deductions for certain state and local taxes. Previously, the deduction for such taxes was capped at $10,000 per year for individuals or $5,000 for married individuals filing separately. This bill would remove that cap, allowing taxpayers to fully deduct their state and local taxes on their federal income tax returns.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to the House Committee on Ways and Means. (on 01/08/2018)
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/115th-congress/house-bill/4740/all-info |
| BillText | https://www.congress.gov/115/bills/hr4740/BILLS-115hr4740ih.pdf |
| Bill | https://www.congress.gov/115/bills/hr4740/BILLS-115hr4740ih.pdf.pdf |
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