IN THE SENATE OF THE UNITED STATES
March 17 (legislative day, March 16), 2021
Ms. Collins introduced the following bill; which was read twice and referred to the Committee on Finance
To amend the Internal Revenue Code of 1986 to increase the limitation on the amount individuals filing jointly can deduct for certain State and local taxes.
This Act may be cited as the
SALT Deduction Fairness Act.
Increase in limitation on deduction for individuals filing jointly on state and local taxes
Section 164(b)(6)(B) of the Internal Revenue Code of 1986 is amended by striking
$10,000 ($5,000 in the case of a married individual filing a separate return) and inserting
$10,000 (twice such amount in the case of a joint return).
The amendment made by this section shall apply to taxable years beginning after December 31, 2020.