Cutting Local Taxes by Reinstating SALT Act

Summary

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.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 10 September 2019

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• Introduced in House (PDF)

  Introduced in House · EN · 10 September 2019

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 10 September 2019

  Open at official source

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