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H.R. 4789 - Cutting Local Taxes by Reinstating SALT Act

Introduced: 2018-01-12
Bill Status: Referred to the House Committee on Ways and Means.
 

Cutting Local Taxes by Reinstating SALT Act

This bill amends the Internal Revenue Code to repeal the limitation on individual deductions for certain state and local taxes. (For tax years 2018-2025, the deduction for certain state and local taxes is currently limited to $10,000 per year for individuals or $5,000 for married individuals filing a separate return.)

Full Text


115th CONGRESS
2d Session
H. R. 4789


    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.


IN THE HOUSE OF REPRESENTATIVES

January 12, 2018

    Mr. Gottheimer (for himself and Mr. Lance) 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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Cutting Local Taxes by Reinstating SALT Act”.

SEC. 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) (as added by Public Law 115–97) and all that follows.

(b) Effective date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2017.


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