SALT Deductibility Act

Hozzl · 2025-02-11T05:53:22Z

Explore the details of House Bill 430 SALT Deductibility Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

2/11/2025, 5:53 AM

Summary of Bill HR 430

Bill 119 HR 430, also known as the SALT Deduction Repeal Act, aims to make changes to the Internal Revenue Code of 1986 by repealing the limitation on the deduction for certain taxes, such as State and local property and income taxes.

Currently, taxpayers are limited in the amount of State and local taxes they can deduct from their federal tax returns. This limitation has been a point of contention for many taxpayers, especially those in high-tax states who feel they are being unfairly penalized.

If passed, this bill would remove the cap on deductions for State and local taxes, allowing taxpayers to deduct the full amount of these taxes from their federal tax returns. This could potentially provide relief for taxpayers in high-tax states who have been negatively impacted by the current limitation. Supporters of the bill argue that it would provide much-needed tax relief for middle-class families and help to alleviate the burden of high State and local taxes. However, opponents of the bill argue that it could lead to a decrease in federal tax revenue and benefit wealthier individuals who pay higher State and local taxes. Overall, the SALT Deduction Repeal Act is a significant piece of legislation that could have far-reaching implications for taxpayers across the country. It will be important to closely monitor the progress of this bill as it moves through the legislative process.

Congressional Summary of HR 430

Securing Access to Lower Taxes by ensuring Deductibility Act or the SALT Deductibility Act

This bill repeals the limitation on the federal tax deduction for state and local taxes (commonly known as the SALT deduction cap).

Under current law, a SALT deduction cap of $10,000 ($5,000 for married individuals filing separate federal income tax returns) applies for tax years 2018 through 2025 and expires beginning in 2026.

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Current Status of Bill HR 430

Bill HR 430 is currently in the status of Bill Introduced since January 15, 2025. Bill HR 430 was introduced during Congress 119 and was introduced to the House on January 15, 2025. Bill HR 430's most recent activity was Referred to the House Committee on Ways and Means. as of January 15, 2025

Bipartisan Support of Bill HR 430

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Policy Area and Potential Impact of Bill HR 430

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Alternate Title(s) of Bill HR 430

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.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.

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