House passes bill to lift $10,000 cap on state and local tax deductions

This post is an update to my 12/10 post. Oregon investors need to continue to keep an eye on this development.

• The “Restoring Tax Fairness for States and Localities Act” would eliminate the $10,000 limit on state and local tax deductions for 2020 and 2021.
• On Thursday, the House narrowly voted to pass the bill, 218-206, largely along party lines. The measure is unlikely to make it through the Senate.
• This bill calls for increasing the SALT-cap to $20,000 for married couples filing jointly in 2019, as well as raising the highest marginal tax income tax rate to 39.6%.

https://www.cnbc.com/2019/12/20/house-passes-bill-to-lift-10000-cap-on-state-and-local-tax-deduction.html