A House committee advanced legislation this week to phase out a $10,000 cap on state and local income and property tax deductions — a key provision of the 2017 tax law approved by Republicans in Congress and signed by President Donald Trump.
The bill sponsored by U.S. Rep. Tom Suozzi, a Long Island Democrat, would eliminate the SALT cap over a three-year period. For the 2019 tax year, the cap would rise to $20,000 for joint filers by ending the marriage penalty, which subjected individual filers and couples to the same $10,000 cap.
In 2020 and 2021, the cap would be repealed.
A House committee advanced legislation this week to phase out a $10,000 cap on state and local income and property tax deductions — a key provision of the 2017 tax law approved by Republicans in Congress and signed by President Donald Trump.
The bill sponsored by U.S. Rep. Tom Suozzi, a Long Island Democrat, would eliminate the SALT cap over a three-year period. For the 2019 tax year, the cap would rise to $20,000 for joint filers by ending the marriage penalty, which subjected individual filers and couples to the same $10,000 cap.
In 2020 and 2021, the cap would be repealed.
Source: Â auburnpub.com
