To amend the Internal Revenue Code of 1986 to modify the limitation on the deduction by individuals of certain State and local taxes.
Supporting Americans with Lower Taxes Act or the SALT Act
This bill modifies the limitation on the tax deduction for certain state, local, and foreign real and personal property taxes. Specifically, the bill denies a tax deduction for foreign real property taxes to any individual taxpayer with an adjusted gross income that equals or exceeds $400,000. It also limits the deduction for the aggregate amount of other state and local taxes and sales taxes for such taxpayers to $60,000 in a taxable year.
The bill transfers revenues from this bill to a Medicare Vision and Hearing Trust Fund to provide vision and hearing benefits under the Medicare program.
Introduced in House
Introduced in House
Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Health.
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