HR 4274
116th Congress
House
Taxation
Capital gains tax
Charitable contributions
Income tax deductions
Property tax
State and local taxation
Transfer and inheritance taxes
Cutting Local Taxes by Reinstating SALT Act
Introduced: September 10, 2019
Introduced by:
Gottheimer, Josh
Democratic
· New Jersey
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 10, 2019
Referred to the House Committee on Ways and Means.
Sep 10, 2019
Introduced in House
Plain-English 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.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1