A bill to amend the Internal Revenue Code of 1986 to permit taxpayers to elect to deduct either State and local sales taxes or State income taxes.

Summary

Repeals specified provisions of the Tax Reform Act of 1986 that eliminated the income tax deduction for State and local sales taxes. Provides that the Internal Revenue Code of 1986 shall be applied and administered as if such provisions had not been enacted. Amends the Internal Revenue Code to permit a taxpayer to select an income tax deduction for either: (1) State and local income taxes; or (2) State and local sales taxes.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 24 March 1987

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 24 March 1987

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 24 March 1987

  Open at official source

Sponsors

• Rep. Pressler, Larry [R-SD-1] · R · Sponsor
• Sen. Gramm, Phil [R-TX] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to ← A bill to amend the Internal Revenue Code of 1986 to permit taxpayers to elect to deduct either State and local sales taxes or State income taxes.