S. 2762 - SALT Deduction Fairness Act

116TH CONGRESS
1ST SESSION

S. 2762

To amend the Internal Revenue Code of 1986 to increase
the limitation on the amount individuals filing jointly
can deduct for certain State and local taxes.

IN THE SENATE OF THE UNITED STATES

OCTOBER 31, 2019

Ms. COLLINS introduced the following bill; which was read
twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to increase the limitation on the amount individuals filing jointly can deduct for certain State and local taxes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the "SALT Deduction Fairness Act".

SEC. 2. INCREASE IN LIMITATION ON DEDUCTION FOR INDIVIDUALS FILING JOINTLY ON STATE AND LOCAL TAXES.

(a) IN GENERAL. — Section 164(b)(6)(B) of the Internal Revenue Code of 1986 is amended by striking "$10,000 ($5,000 in the case of a married individual filing a separate return)" and inserting "$10,000 (twice such amount in the case of a joint return)".

(b) EFFECTIVE DATE. — The amendment made by this section shall apply to taxable years beginning after  December 31, 2018.