HR 232
SALT Fairness and Marriage Penalty Elimination Act
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Bill overview
This bill would increase the amount of state and local taxes that homeowners can deduct from their federal income taxes. Currently, the deduction is capped at $10,000 for single filers and $20,000 for married couples filing jointly. This bill would raise that cap to $100,000 for single filers and $200,000 for married couples filing jointly. The goal is to provide more tax relief to homeowners in high-tax states.
Key provisions
- Increases the SALT deduction cap to $100,000 for single filers.
- Increases the SALT deduction cap to $200,000 for married couples filing jointly.
- Applies to taxable years beginning after December 31, 2024.
- Modifies Section 164(b)(6)(B) of the Internal Revenue Code.
Who is affected
- Homeowners
- Taxpayers in high-tax states
- Individuals filing federal income tax returns
Notable changes
- Eliminates the current $10,000 SALT deduction cap for single filers.
- Eliminates the current $5,000 SALT deduction cap for married individuals filing separately.
- Increases the deduction for married couples filing jointly.
Fiscal impact
The Congressional Budget Office estimates that this bill would increase federal tax revenues by $33 billion over the 2025-2030 period.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Mikie Sherrill
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119th CONGRESS — 1st Session
H. R. 232
IN THE HOUSE OF REPRESENTATIVES
A BILL
To amend the Internal Revenue Code of 1986 to modify the limitation on the amount individuals can deduct for certain State and local taxes.
This Act may be cited as the SALT Fairness and Marriage Penalty Elimination Act
.
shall not exceed $10,000 ($5,000 in the case of a married individual filing a separate return).and inserting
shall not exceed—
in the case of a joint return, $200,000.
The amendment made by this section shall apply to taxable years beginning after December 31, 2024.