If the limit does expire, what would be the default rules for deducting state and local taxes?

Feb 8, 2025 ... The SALT deduction prevents residents from being taxed twice on the same income while ensuring state and local officials have the resources to ... Feb 18, 2022 ... The SALT deduction does not act as a cost-of-living adjustment to federal income taxes, and it would still not be justified if it did. Expenses that are eligible for the itemized deductions include the SALT deduction (up to the $10,000 cap), tax deductible mortgage interest, charitable gifts, ... SALT Deduction. One of my most important priorities in Congress is to restore the full State and Local Tax (SALT) Deduction. As a proud Vice-Chair of the SALT ... Mar 7, 2023 ... The law is effective retroactive to January 1, 2022, meaning that companies may take advantage of this law for the 2022 tax year. Entities must ... Aug 9, 2024 ... The 2017 Tax Cuts and Jobs Act (TCJA) imposed a $10,000 cap on SALT deductions, putting some of the most stringent limitations on the deduction ... The SALT deduction reflects a partnership between the federal government and state and local governments. Feb 11, 2022 ... The SALT deduction cap became a political lightning rod in 2017 when a Republican-controlled Congress passed the Tax Cuts & Jobs Act. Feb 12, 2025 ... $15,000/$30,000 SALT Cap: The current SALT deduction cap would be increased to $15,000 for individual taxpayers and $30,000 for married couples, ... Sep 14, 2021 ... Correa Statement on SALT deduction being excluded in reconciliation package. Washington, D.C. — Today, Congressman Lou Correa (D-CA) released ...