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Proposal:Cutting Local Taxes by Reinstating SALT Act

This proposal is archived and closed to further debate. It was introduced in the 116th Congress, which has concluded, and the bill was not enacted into law.
Bill HR 4274
Type of Legislation House Bill
Congress 116
Source View original on Congress.gov
Geographic Scope
National

Description

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.)

The bill also (1) limits the amount of the step-up in basis of property acquired from a decedent to $5 million, for estate tax purposes, and (2) treats property contributed by a taxpayer to a private foundation as sold by such taxpayer on the date of such contribution for its fair market value.

Bill Title

Cutting Local Taxes by Reinstating SALT Act

Linked Goals

Steps

  • 2019-09-10: Referred to the House Committee on Ways and Means.
  • 2019-09-10: Introduced in House
  • 2019-09-10: Introduced in House

Projected Outcome

A more informed proposal or public response aligned with the Promote General Welfare goal.

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