To amend the Internal Revenue Code of 1986 to repeal the limitation on the deduction for certain taxes, including State and local property and income taxes, to limit the step-up in basis allowed in the case of property acquired from a decedent, and to deem a sale on any contribution of property to a private foundation.
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.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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