II
118th CONGRESS
2d Session
S. 5219
IN THE SENATE OF THE UNITED STATES
September 25, 2024
Mr. Helmy introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to increase the limitation on the deduction for State and local taxes.
Short title
This Act may be cited as the Tax Relief for Middle Class Families Act of 2024
.
Increase in limitation on deduction for State and local taxes
In general
Section 164(b)(6)(B) of the Internal Revenue Code of 1986 is amended by striking $10,000 ($5,000 in the case of a married individual filing a separate return)
and inserting $100,000 (twice such amount in the case of a joint return)
.
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2023.