Summary: H.R.2894 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.2894. Bill summaries are authored by CRS.

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Introduced in House (05/22/2019)

Save the State and Local Tax Deduction for Middle Class Families Act of 2019

This bill increases the limit on the tax deduction for certain state and local taxes, which is currently $10,000 per year. The bill increases the limit to $15,000 (twice the amount in the case of a joint return) and requires the new limit to be adjusted for inflation after 2019.

The bill also increases the income tax rate for corporations to an amount that the Department of the Treasury determines is required to cover the reduction in revenue resulting from the increased tax deduction allowed by this bill.