What are the specific rules and limitations of the current salt deduction?

Feb 5, 2024 ... KEY VOTE: “No” on SALT Deduction Cap Increase (H.R. 7160) ... Heritage Action opposes the State and Local Tax (SALT) deduction cap increase (H.R. ... Oct 19, 2017 ... The tax plan from President Trump and congressional Republican leaders would end the federal deduction for state and local taxes (SALT). Nov 18, 2021 ... House Democrats are poised to lift a cap on the state and local tax deduction, a gift to wealthy homeowners in some blue states. Jan 9, 2025 ... According to press reports, policymakers are considering changes to the $10,000 state and local tax (SALT) deduction cap as part of their ... The state and local tax deduction (SALT deduction) is a United States federal itemized deduction that allows taxpayers to deduct certain taxes paid to state ... Nov 1, 2022 ... ... SALT deduction. New York, joined by Connecticut, Maryland, and New ... deductions (e.g., the $10,000 cap on SALT deductions). Generally ... Sep 20, 2024 ... House lawmakers are now strategizing how to maintain what could be an unlimited SALT tax deduction in the next Congress. Feb 7, 2024 ... The SALT Marriage Penalty Elimination Act would reform the penalty in which married couples filing taxes jointly are limited to $10,000 in SALT ... Nov 26, 2024 ... Starting with the 2018 tax year, the maximum SALT deduction became $10,000. There was previously no limit. This has left some high-income filers ... Mar 22, 2024 ... What is the SALT deduction cap? The SALT deduction cap limits the itemized deduction for state and local taxes to $5,000 for a married person ...