Family Tax Deduction Improvement Act

Bill: 115-hr-5913
Sponsor: full_name: Rep. MacArthur, Thomas [R-NJ-3]
Introduced: 2018-05-22
Policy area: Taxation
Subjects: Income tax deductions

Inflation and prices

Property tax

Sales and excise taxes

State and local taxation
Latest action: action_date: 2018-05-22
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2018-05-22
action_desc: Introduced in House
text: <p><b>Family Tax Deduction Improvement Act </b></p> <p>This bill amends the Internal Revenue Code to modify the limit on individual deductions for certain state and local taxes, which is currently $10,000 per year ($5,000 for a married taxpayer filing a separate return). The bill doubles the limit for married individuals and requires the limit to be adjusted for inflation after 2019.</p>

tv_txt: I 115th CONGRESS 2d Session H. R. 5913 IN THE HOUSE OF REPRESENTATIVES May 22, 2018 Mr. MacArthur (for himself and Mr. Fitzpatrick ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to increase the limitation on the State and local tax deduction for married individuals, and for other purposes.

1. Short title This Act may be cited as the Family Tax Deduction Improvement Act . 2. Increase in limitation on state and local tax deduction for married individuals (a) In general Section 164(b)(6)(B) of the Internal Revenue Code of 1986 is amended by striking ($5,000 in the case of a married individual filing a separate return). and inserting (twice such amount in the case of a joint return) . (b) Inflation adjustment Section 164(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (7) Inflation adjustment In the case of any taxable year beginning after 2019, the $10,000 amount in paragraph (6)(B) shall be increased by an amount equal to— (A) such dollar amount, multiplied by (B) the cost-of-living adjustment determined under section (1)(f)(3) for the calendar year in which the taxable year begins, determined by substituting calendar year 2018 for calendar year 2016 in subparagraph (A)(ii) thereof. If any increase under this subparagraph is not a multiple of $100, such increase shall be rounded to the next lowest multiple of $100. . (c) Effective date The amendments made by this section shall apply with respect to taxable years beginning after December 31, 2018.