SALT Deduction Fairness Act
Source: Congress.gov ·
272 words in original text
What This Bill Does
This bill changes the tax deduction (a reduction in the amount of income you owe taxes on) for state and local taxes for married couples filing joint tax returns together. Currently, married couples filing jointly can deduct up to $10,000 in state and local taxes. The bill would allow them to deduct twice that amount instead.
Who It Affects
Married individuals filing joint tax returns with the federal government.
Key Provisions
• Married couples filing joint tax returns can now deduct up to $20,000 in state and local taxes instead of $10,000 (Sec. 2(a))
What Changes
The bill changes Section 164(b)(6)(B) of the Internal Revenue Code. For married couples filing jointly, the state and local tax deduction limit increases from $10,000 to $20,000. The bill removes the current rule about married individuals filing separate returns.
Important Definitions
None defined in bill text.
Effective Date
This change applies to tax years that begin after December 31, 2022 (Sec. 2(b)).
Important: This plain English summary was generated by AI and is provided for informational purposes only.
It is not legal advice. Always consult the official bill text on Congress.gov
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