Tax Relief for Middle Class Families Act of 2024

Bill: 118-s-5219
Sponsor: full_name: Sen. Helmy, George S. [D-NJ]
Introduced: 2024-09-25
Policy area: Taxation
Latest action: action_date: 2024-09-25
text: Read twice and referred to the Committee on Finance.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 5219 IN THE SENATE OF THE UNITED STATES September 25, 2024 Mr. Helmy 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 deduction for State and local taxes.

1. Short title This Act may be cited as the Tax Relief for Middle Class Families Act of 2024 . 2. Increase in limitation on deduction for 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 $100,000 (twice such amount in the case of a joint return) . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2023.