HILL TAX BRIEFING: SALT Bill May Come Soon From House Dems

House Ways and Means Committee Democrats may soon release a bill addressing the tax law’s $10,000 cap on state and local tax deductions.

Rep. Mike Thompson (D-Calif.) said this week that he hopes to release a bill by the end of the month. Thompson leads the panel’s SALT working group.

Rep. Bill Pascrell (D-N.J.) said the group has come to a compromise, and he thinks a markup is possible in early to mid-November.

“You know, I’m good where we are at,” Pascrell said. He has called for an outright repeal of the cap (H.R. 1142, S. 437). ...