HR 430
SALT Deductibility Act
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Bill overview
This bill, the SALT Deductibility Act, aims to restore the ability for taxpayers to deduct state and local taxes, including property and income taxes, on their federal income tax returns. Currently, there’s a limit of $10,000 on this deduction for those filing jointly, and it’s set to expire in 2026. The bill would repeal this limitation, allowing taxpayers to deduct a larger amount of their state and local taxes.
Key provisions
- Repeals the current $10,000 limit on the deduction for state and local taxes.
- Allows taxpayers to deduct state and local income and property taxes.
- Applies to taxable years beginning after December 31, 2024.
Who is affected
- Taxpayers
- Individuals who pay state and local income and property taxes
- State and local governments
Notable changes
- Restores the deductibility of state and local taxes.
- Reverses the 2017 tax law changes that limited the SALT deduction.
Fiscal impact
The Congressional Budget Office estimates that repealing the SALT deduction cap would increase federal revenues by approximately $31 billion over the 2025-2030 period.
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119th CONGRESS — 1st Session
H. R. 430
IN THE HOUSE OF REPRESENTATIVES
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.
This Act may be cited as the Securing Access to Lower Taxes by ensuring Deductibility Act SALT Deductibility Act
or the
.