Our current tax code permits a deduction for real estate taxes - also known as a property tax. In 2017, the Trump administration passed a $1.9 trillion tax reduction bill, 86% of which benefitted corporations and the wealthy. This legislation capped federal deductions for state and local real estate and income taxes (SALT) at $10,000 a year and also eliminated some mortgage interest deductions. Advocates say this adversely affected homeowners in high cost-of-living areas where property taxes are much higher than other geographical regions.
Pending Legislation: H.R.2555 - SALT Deductibility Act Prospective
Sponsor: Rep. Andrew Garbarino (NY)
Status: House Committee on Ways and Means
Chairperson: Rep. Jason Smith (MO)
Select Criteria