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Standard Summary
Comprehensive overview in 1-2 paragraphs
The SALT Deductibility Act repeals the $10,000 limitation on the deduction for state and local taxes (SALT) for married couples filing jointly, restoring full deductibility for state and local property and income taxes.
Key Points
- 1Repeals the $10,000 SALT deduction cap
- 2Restores full deductibility for state and local property and income taxes
- 3Applies to taxable years beginning after December 31, 2024
- 4Benefits taxpayers in high-tax states
- 5Increases federal revenue loss estimate
Impact Areas
Federal tax policyState and local government revenueTaxpayers in high-tax statesFederal budget and deficitHousing market impacts
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