Section 1 Short title
This Act may be cited as the “SALT Marriage Penalty Elimination Act”.
SALT Marriage Penalty Elimination Act
A BILL
To amend the Internal Revenue Code of 1986 to modify the limitation on the amount certain married individuals can deduct for State and local taxes.
Sec. 2 Modification of limitation on deduction for certain State and local taxes
In general— Section 164(b)(6) of the Internal Revenue Code of 1986 is amended by adding at the end the following: “In the case of a joint return for a taxable year beginning after December 31, 2022, and before January 1, 2024, if the taxpayer’s adjusted gross income for such taxable year is less than $500,000, subparagraph (B) shall be applied by substituting “$20,000” for “$10,000”.”.
Effective date— The amendment made by this section shall apply to taxable years beginning after December 31, 2022.