Coming on the heels of its recent passage of the proposed Tax Relief for American Families and Workers Act, the U.S. House of Representatives may soon vote on another tax-related bill, the SALT Marriage Penalty Elimination Act. It addresses the state and local tax (SALT) deduction, which was capped at $10,000 by the Tax Cuts and Jobs Act. The bill would increase the deduction for married couples filing jointly from $10,000 to $20,000 if taxable income is less than $500,000. On Feb. 1, the House Rules Committee voted 8 to 5 during an emergency hearing to advance the SALT bill to the House floor. It’s currently unclear if the bill has the votes to pass in the House or the Senate. Stay tuned. Contact the Cg Team with questions. © 2024