This bill amends the Internal Revenue Code to remove the existing limitation on deductions for certain taxes. Specifically, it strikes paragraph (6) of section 164(b), which limited deductions for State and local taxes, including property and income taxes. The change applies to taxable years beginning after December 31, 2024.
If you itemize deductions on your federal income tax return, this change would remove the federal limit that capped how much State and local income and property tax you could deduct. That may change the amount you can deduct for those taxes in tax years after 2024.
No publicly available information on projected federal revenue effects, budgetary costs, or administrative expenses appears in the bill text or provided metadata.
No publicly available information in the bill text or provided metadata describes supporters' arguments beyond the bill title and sponsor list.
No publicly available information in the bill text or provided metadata describes opponents' arguments or concerns.