SALT Cap Raised to $72,500 in House Democrats’ Proposed Bill

Nov. 3, 2021, 7:49 PM

The cap on the federal deduction for state and local taxes would jump more than sevenfold under the latest Democratic tax-and-spending proposal heading to the House floor as soon as Thursday pending a committee review.

The limit would be $72,500 through 2031, compared with $10,000 currently, and the increase would be retroactive to the start of this year, according to the text of the measure posted on the House Rules Committee’s website Wednesday.

To contact the reporter on this story:
Laura Davison in Washington at ldavison4@bloomberg.net

To contact the editors responsible for this story:
Joe Sobczyk at jsobczyk@bloomberg.net

Scott Lanman ...

To read the full article log in.

Learn more about a Bloomberg Tax subscription