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Doubled SALT Deduction Limit for Married Couples in Specific Years.

This act aims to increase the State and Local Tax (SALT) deduction limit for married couples filing jointly. If your adjusted gross income is less than $500,000, you could deduct up to $20,000 instead of $10,000 for the 2023 tax year, potentially leading to lower tax bills.
Key points
Increases the SALT deduction limit for married couples to $20,000 (from $10,000).
Applies to joint tax returns for the 2023 tax year if adjusted gross income is below $500,000.
Could result in lower tax liabilities for eligible married individuals.
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Additional Information
SALT Marriage Penalty Elimination Act
Print number: HR 7160
Sponsor: Rep. Lawler, Michael [R-NY-17]
Process start date: 2024-01-31