Plain English
GovGreed Synthesis ·
Securing Access to Lower Taxes by ensuring Deductibility Act or the SALT Deductibility Act This bill repeals the limitation on the federal tax deduction for state and local taxes (commonly known as the SALT deduction cap). Under current law, a SALT deduction cap of $10,000 ($5,000 for married individuals filing separate federal income tax returns) applies for tax years 2018 through 2025 and expires beginning in 2026.
Market Impact Map
Action Timeline
2025-01-15
Referred to the House Committee on Ways and Means.
2025-01-15
Introduced in House
2025-01-15
Introduced in House
Full Bill Text
119 HR 430 IH: Securing Access to Lower Taxes by ensuring Deductibility Act U.S. House of Representatives 2025-01-15 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. I 119th CONGRESS 1st Session H. R. 430 IN THE HOUSE OF REPRESENTATIVES January 15, 2025 Mr. Garbarino (for himself, Mr. Gottheimer , Mrs. Kim , Mr. Menendez , Mr. Smith of New Jersey , Mr. Schneider , Mr. Lawler , Mr. Suozzi , Mr. Casten , Ms. Norton , Mr. Davis of Illinois , Mr. Kean , Ms. Chu , Ms. Brownley , Mr. Nadler , Ms. Sherrill , Ms. Gillen , Mr. Panetta , Mr. Ryan , Mr. Raskin , and Mr. Gomez ) 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 repeal the limitation on the deduction for certain taxes, including State and local property and income taxes. 1. Short title This Act may be cited as the Securing Access to Lower Taxes by ensuring Deductibility Act or the SALT Deductibility Act . 2. Repeal of limitation on deduction for State and local, etc. taxes (a) In general Section 164(b) of the Internal Revenue Code of 1986 is amended by striking paragraph (6). (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2024.
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