SALT Deduction Fairness Act

Bill: 117-s-804
Sponsor: full_name: Sen. Collins, Susan M. [R-ME]
Introduced: 2021-03-17
Policy area: Taxation
Subjects: Income tax deductions

State and local taxation
Latest action: action_date: 2021-03-17
text: Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S1616)

Summaries:
action_date: 2021-03-17
action_desc: Introduced in Senate
text: <p><strong>SALT Deduction Fairness Act </strong></p> <p>This bill increases the limitation on the deduction for state and local taxes to $20,000 for individuals filing a joint tax return. The limitation applies to taxable years 2018 through 2025. </p>

tv_txt: II 117th CONGRESS 1st Session S. 804 IN THE SENATE OF THE UNITED STATES March 17 (legislative day, March 16), 2021 Ms. Collins introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to increase the limitation on the amount individuals filing jointly can deduct for certain State and local taxes.

1. Short title This Act may be cited as the SALT Deduction Fairness Act . 2. Increase in limitation on deduction for individuals filing jointly on state and local taxes (a) In general Section 164(b)(6)(B) of the Internal Revenue Code of 1986 is amended by striking $10,000 ($5,000 in the case of a married individual filing a separate return) and inserting $10,000 (twice such amount in the case of a joint return) . (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2020.