SALT Fairness for Working Families Act

Bill: 118-hr-2660
Sponsor: full_name: Rep. Underwood, Lauren [D-IL-14]
Introduced: 2023-04-17
Policy area: Taxation
Latest action: action_date: 2023-04-17
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-04-17
action_desc: Introduced in House
text: <p><strong>SALT Fairness for Working Families Act</strong></p> <p>This bill increases the limit on the individual income tax deduction for certain state and local taxes, which is currently $10,000 per year ($5,000 for a married taxpayer filing a separate return). The bill increases the limit to $15,000 (twice that amount in the case of a joint return) and requires the increased limit to be adjusted for inflation after 2023.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 2660 IN THE HOUSE OF REPRESENTATIVES April 17, 2023 Ms. Underwood (for herself and Mr. Casten ) 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 increase the limitation on the amount individuals can deduct for certain State and local taxes.

1. Short title This Act may be cited as the SALT Fairness for Working Families Act . 2. Increase in limitation on deduction for certain State and local taxes of individuals (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 $15,000 (twice such amount in the case of a joint return) . (b) Inflation adjustment Section 164(b) of such Code is amended by adding at the end the following new paragraph: (7) Inflation adjustment In the case of any taxable year beginning after December 31, 2023, the $15,000 amount in paragraph (6)(B) shall be increased by an amount equal to— (A) such dollar amount, multiplied by (B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting calendar year 2022 for calendar year 2016 in subparagraph (A)(ii) thereof. If any amount as adjusted under the preceding sentence is not a multiple of $100, such amount shall be rounded to the next lowest multiple of $100. . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2022.