US HB4274 | 2019-2020 | 116th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on September 10 2019 - 25% progression, died in committee
Action: 2019-09-10 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on September 10 2019 - 25% progression, died in committee
Action: 2019-09-10 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Amends the Internal Revenue Code to repeal the limitation on individual deductions for certain state and local taxes. (For tax years 2018-2025, the deduction for certain state and local taxes is currently limited to $10,000 per year for individuals or $5,000 for married individuals filing a separate return.) The bill also (1) limits the amount of the step-up in basis of property acquired from a decedent to $5 million, for estate tax purposes, and (2) treats property contributed by a taxpayer to a private foundation as sold by such taxpayer on the date of such contribution for its fair market value.
Title
Cutting Local Taxes by Reinstating SALT Act
Sponsors
Rep. Josh Gottheimer [D-NJ] | Rep. Lee Zeldin [R-NY] |
History
Date | Chamber | Action |
---|---|---|
2019-09-10 | House | Referred to the House Committee on Ways and Means. |
2019-09-10 | House | Introduced in House |
Subjects
Capital gains tax
Charitable contributions
Income tax deductions
Property tax
State and local taxation
Taxation
Transfer and inheritance taxes
Charitable contributions
Income tax deductions
Property tax
State and local taxation
Taxation
Transfer and inheritance taxes
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/house-bill/4274/all-info |
Text | https://www.congress.gov/116/bills/hr4274/BILLS-116hr4274ih.pdf |