H.R. 7160

SALT Marriage Penalty Elimination Act

Latest
Raw Text PDF XML

I

118th CONGRESS

2d Session

H. R. 7160

IN THE HOUSE OF REPRESENTATIVES

January 31, 2024

Mr. Lawler (for himself, Mr. LaLota, Mr. Garbarino, Mr. D'Esposito, Mr. Molinaro, Mr. Kean of New Jersey, Mr. Harris, Mr. Mike Garcia of California, and Mrs. Kim of California) 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 modify the limitation on the amount certain married individuals can deduct for State and local taxes.

1.

Short title

This Act may be cited as the SALT Marriage Penalty Elimination Act.

2.

Modification of limitation on deduction for certain State and local taxes

(a)

In general

Section 164(b)(6) of the Internal Revenue Code of 1986 is amended by adding at the end the following: In the case of a joint return for a taxable year beginning after December 31, 2022, and before January 1, 2024, if the taxpayer’s adjusted gross income for such taxable year is less than $500,000, subparagraph (B) shall be applied by substituting $20,000 for $10,000..

(b)

Effective date

The amendment made by this section shall apply to taxable years beginning after December 31, 2022.