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The invoice would double the cap to $20,000 for {couples} starting after Dec. 31, 2022, and earlier than Jan. 1, 2024, if the couple’s adjusted gross revenue for a taxable 12 months is lower than $500,000.
The change would apply to taxable years starting after Dec. 31, 2022.
The Capitol Hill newspaper Roll Name reported on Jan. 31 that Home Republicans have been contemplating transferring what turned the SALT invoice “in parallel” with the $78 billion Tax Aid for American Households and Employees Act of 2024, which handed the Home later that day.
The SALT cap, a part of the 2017 tax overhaul in the course of the Trump administration, has lengthy been criticized and focused by lawmakers from high-tax states like New York and California.
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