summary
Introduced
01/12/2018
01/12/2018
In Committee
01/12/2018
01/12/2018
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Cutting Local Taxes by Reinstating SALT 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 amends the Internal Revenue Code to repeal the limitation on individual deductions for certain state and local taxes (SALT). Prior to 2018, individuals could deduct the full amount of their state and local taxes from their federal income taxes. However, the Tax Cuts and Jobs Act of 2017 limited this deduction to $10,000 per year for individuals or $5,000 for married individuals filing separately. This bill would reinstate the ability to deduct the full amount of state and local taxes, starting for the 2018 tax year.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to the House Committee on Ways and Means. (on 01/12/2018)
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/4789/all-info |
| BillText | https://www.congress.gov/115/bills/hr4789/BILLS-115hr4789ih.pdf |
| Bill | https://www.congress.gov/115/bills/hr4789/BILLS-115hr4789ih.pdf.pdf |
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