| 1 | 1 | | I |
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| 2 | 2 | | 118THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION H. R. 2660 |
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| 5 | 5 | | To amend the Internal Revenue Code of 1986 to increase the limitation |
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| 6 | 6 | | on the amount individuals can deduct for certain State and local taxes. |
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| 7 | 7 | | IN THE HOUSE OF REPRESENTATIVES |
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| 8 | 8 | | APRIL17, 2023 |
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| 9 | 9 | | Ms. U |
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| 10 | 10 | | NDERWOOD(for herself and Mr. CASTEN) introduced the following bill; |
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| 11 | 11 | | which was referred to the Committee on Ways and Means |
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| 12 | 12 | | A BILL |
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| 13 | 13 | | To amend the Internal Revenue Code of 1986 to increase |
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| 14 | 14 | | the limitation on the amount individuals can deduct for |
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| 15 | 15 | | certain State and local taxes. |
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| 16 | 16 | | Be it enacted by the Senate and House of Representa-1 |
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| 17 | 17 | | tives of the United States of America in Congress assembled, 2 |
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| 18 | 18 | | SECTION 1. SHORT TITLE. 3 |
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| 19 | 19 | | This Act may be cited as the ‘‘SALT Fairness for 4 |
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| 20 | 20 | | Working Families Act’’. 5 |
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| 21 | 21 | | SEC. 2. INCREASE IN LIMITATION ON DEDUCTION FOR CER-6 |
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| 22 | 22 | | TAIN STATE AND LOCAL TAXES OF INDIVID-7 |
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| 23 | 23 | | UALS. 8 |
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| 24 | 24 | | (a) I |
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| 25 | 25 | | NGENERAL.—Section 164(b)(6)(B) of the Inter-9 |
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| 26 | 26 | | nal Revenue Code of 1986 is amended by striking 10 |
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| 27 | 27 | | VerDate Sep 11 2014 03:55 Apr 21, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2660.IH H2660 |
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| 28 | 28 | | kjohnson on DSK79L0C42PROD with BILLS 2 |
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| 29 | 29 | | •HR 2660 IH |
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| 30 | 30 | | ‘‘$10,000 ($5,000 in the case of a married individual filing 1 |
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| 31 | 31 | | a separate return)’’ and inserting ‘‘$15,000 (twice such 2 |
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| 32 | 32 | | amount in the case of a joint return)’’. 3 |
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| 33 | 33 | | (b) I |
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| 34 | 34 | | NFLATIONADJUSTMENT.—Section 164(b) of 4 |
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| 35 | 35 | | such Code is amended by adding at the end the following 5 |
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| 36 | 36 | | new paragraph: 6 |
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| 37 | 37 | | ‘‘(7) I |
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| 38 | 38 | | NFLATION ADJUSTMENT .—In the case of 7 |
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| 39 | 39 | | any taxable year beginning after December 31, 8 |
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| 40 | 40 | | 2023, the $15,000 amount in paragraph (6)(B) shall 9 |
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| 41 | 41 | | be increased by an amount equal to— 10 |
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| 42 | 42 | | ‘‘(A) such dollar amount, multiplied by 11 |
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| 43 | 43 | | ‘‘(B) the cost-of-living adjustment deter-12 |
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| 44 | 44 | | mined under section 1(f)(3) for the calendar 13 |
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| 45 | 45 | | year in which the taxable year begins, deter-14 |
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| 46 | 46 | | mined by substituting ‘calendar year 2022’ for 15 |
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| 47 | 47 | | ‘calendar year 2016’ in subparagraph (A)(ii) 16 |
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| 48 | 48 | | thereof. 17 |
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| 49 | 49 | | If any amount as adjusted under the preceding sen-18 |
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| 50 | 50 | | tence is not a multiple of $100, such amount shall 19 |
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| 51 | 51 | | be rounded to the next lowest multiple of $100.’’. 20 |
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| 52 | 52 | | (c) E |
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| 53 | 53 | | FFECTIVEDATE.—The amendments made by 21 |
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| 54 | 54 | | this section shall apply to taxable years beginning after 22 |
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| 55 | 55 | | December 31, 2022. 23 |
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| 56 | 56 | | Æ |
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| 57 | 57 | | VerDate Sep 11 2014 03:55 Apr 21, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H2660.IH H2660 |
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| 58 | 58 | | kjohnson on DSK79L0C42PROD with BILLS |
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