To amend the Internal Revenue Code of 1986 to modify the limitation on the deduction for State and local taxes, etc.

Bill 117 hr 6049, also known as the State and Local Tax (SALT) deduction modification bill, aims to amend the Internal Revenue Code of 1986. The main focus of this bill is to adjust the limitation on the deduction for State and local taxes.

Currently, taxpayers are limited in the amount they can deduct for State and local taxes on 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.

The proposed changes in this bill seek to address this issue by modifying the limitation on the deduction for State and local taxes. This could potentially provide relief for taxpayers in high-tax states and allow them to deduct more of their State and local taxes on their federal tax returns. In addition to the modification of the SALT deduction limitation, the bill also includes other provisions related to tax deductions and credits. These provisions aim to provide additional tax relief for individuals and businesses. Overall, Bill 117 hr 6049 is focused on making adjustments to the tax code to provide relief for taxpayers, particularly those in high-tax states. It will be interesting to see how this bill progresses through Congress and what impact it may have on taxpayers if it is ultimately passed into law.