Bipartisan push to lift cap on federal SALT deductions
March 6, 2023
A bipartisan coalition in the U.S. House of Representatives has renewed its push to lift the $10,000 cap on deducting state and local taxes (SALT) from federal tax returns. The cap was enacted in 2017 as part of the Tax Cuts and Jobs Act. It has mostly impacted higher-income property owners in states such as California and New York. The “SALT Caucus” consists of nearly three dozen House lawmakers and has added new names from both sides of the aisle in its efforts to lift the cap. However, whether the group can come together on a specific measure remains to be seen as several members have already come out with different proposals to address the cap. Stay tuned.