Securing Access to Lower Taxes by ensuring Deductibility Act

Bill: 117-s-85
Sponsor: full_name: Sen. Schumer, Charles E. [D-NY]
Introduced: 2021-01-28
Policy area: Taxation
Subjects: Income tax deductions

Property tax

Sales and excise taxes

State and local taxation
Latest action: action_date: 2021-01-28
text: Read twice and referred to the Committee on Finance. (text: CR S200)

Summaries:
action_date: 2021-01-28
action_desc: Introduced in Senate
text: <p><b>Securing Access to Lower Taxes by ensuring Deductibility Act or the SALT Deductibility Act</b></p> <p>This bill repeals the temporary restrictions in taxable years 2018 through 2025 on the deductibility of state and local taxes.</p>

tv_txt: II 117th CONGRESS 1st Session S. 85 IN THE SENATE OF THE UNITED STATES January 28, 2021 Mr. Schumer (for himself, Mr. Wyden , Mr. Menendez , Mrs. Gillibrand , Mr. Booker , Mr. Durbin , and Ms. Duckworth ) 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 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). (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2020.