SALT Marriage Penalty Elimination Act

Bill: 118-hr-7160
Sponsor: full_name: Rep. Lawler, Michael [R-NY-17]
Introduced: 2024-01-31
Policy area: Taxation
Subjects: Family relationships

Income tax deductions

Marriage and family status

State and local taxation

Tax treatment of families
Latest action: action_date: 2024-02-05
text: Rules Committee Resolution H. Res. 994 Reported to House. Rule provides for consideration of H.R. 7160 and H. Res. 987. The resolution provides for consideration of H.R. 7160 and H. Res. 987 under a closed rule with one hour of debate on each measure. The resolution provides for a motion to recommit on H.R. 7160.

Summaries:
action_date: 2024-01-31
action_desc: Introduced in House
text: <p> <strong>SALT Marriage Penalty Elimination Act </strong></p> <p>This bill increases from $10,000 to $20,000 the maximum amount of the tax deduction for state and local taxes for married couples whose adjusted gross income is less than $500,000 in 2023, thus eliminating the tax effect known as the marriage penalty.</p>

tv_txt: I 118th CONGRESS 2d Session H. R. 7160 IN THE HOUSE OF REPRESENTATIVES January 31, 2024 Mr. Lawler (for himself, Mr. LaLota , Mr. Garbarino , Mr. D'Esposito , Mr. Molinaro , Mr. Kean of New Jersey , Mr. Harris , Mr. Mike Garcia of California , and Mrs. Kim of California ) 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 modify the limitation on the amount certain married individuals can deduct for State and local taxes.

1. Short title This Act may be cited as the SALT Marriage Penalty Elimination Act . 2. Modification of limitation on deduction for certain State and local taxes (a) In general Section 164(b)(6) of the Internal Revenue Code of 1986 is amended by adding at the end the following: In the case of a joint return for a taxable year beginning after December 31, 2022, and before January 1, 2024, if the taxpayer’s adjusted gross income for such taxable year is less than $500,000, subparagraph (B) shall be applied by substituting $20,000 for $10,000 . . (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2022.