SALT Deductibility Act

Bill: 115-hr-4740
Sponsor: full_name: Rep. Lowey, Nita M. [D-NY-17]
Introduced: 2018-01-08
Policy area: Taxation
Subjects: Income tax deductions

Property tax

State and local taxation
Latest action: action_date: 2018-01-08
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2018-01-08
action_desc: Introduced in House
text: <p><b>Securing Access to Lower Taxes by ensuring Deductibility Act or the SALT Deductibility Act</b></p> <p> 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.) </p>

tv_txt: I 115th CONGRESS 2d Session H. R. 4740 IN THE HOUSE OF REPRESENTATIVES January 8, 2018 Mrs. Lowey (for herself and Mr. King of New York ) 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 repeal the limitation on the deduction for certain taxes, including State and local property and income taxes.

1. Short title This Act may be cited as the Securing Access to Lower Taxes by ensuring Deductibility Act or the SALT Deductibility Act . 2. Repeal of limitation on deduction for State and local, etc. taxes (a) In general Section 164(b) of the Internal Revenue Code of 1986 is amended by striking paragraph (6) (as added by Public Law 115–97 ) and all that follows. (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2017.