Banana Stand Money Act

Bill: 117-hr-5565
Sponsor: full_name: Rep. Mast, Brian J. [R-FL-18]
Introduced: 2021-10-12
Policy area: Taxation
Subjects: Cardiovascular and respiratory health

Emergency medical services and trauma care

Income tax deductions

Infectious and parasitic diseases

Property tax

Sales and excise taxes

State and local finance

State and local government operations

State and local taxation
Latest action: action_date: 2021-10-12
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Oversight and Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Summaries:
action_date: 2021-10-12
action_desc: Introduced in House
text: <p><strong>Banana Stand Money Act</strong></p> <p>This bill repeals (1) the tax deduction for state and local taxes, and (2) title VI of the Social Security Act (Coronavirus Relief , Fiscal Recovery, and Critical Capital Projects Funds) and rescinds any unobligated funds under such title.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 5565 IN THE HOUSE OF REPRESENTATIVES October 12, 2021 Mr. Mast introduced the following bill; which was referred to the Committee on Ways and Means , and in addition to the Committee on Oversight and Reform , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To amend the Internal Revenue Code of 1986 to eliminate the deduction for State and local taxes and to repeal title VI of the Social Security Act.

1. Short title This Act may be cited as the Banana Stand Money Act . 2. Eliminating the State and local tax deduction (a) In general Section 164(b)(6) of the Internal Revenue Code of 1986 is amended— (1) in the heading, by striking for taxable years 2018 through 2025 ; (2) by striking , and before January 1, 2026 ; and (3) in subparagraph (B), by striking $10,000 ($5,000 in the case of a married individual filing a separate return) and inserting $0 . (b) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act. 3. Repeal of Coronavirus Relief, Fiscal Recovery, and Critical Capital Projects Funds Title VI of the Social Security Act is repealed, and any unobligated amounts made available under such title are hereby rescinded.