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Dec 23, 2019

No SALT cap? House panel OKs repeal of $10K limit on state, local tax deductions

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In 2020 and 2021, the cap would be repealed.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In 2020 and 2021, the cap would be repealed.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:  auburnpub.com

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