H.R.5377 - Restoring Tax Fairness for States and Localities Act116th Congress (2019-2020) |
|Sponsor:||Rep. Suozzi, Thomas R. [D-NY-3] (Introduced 12/10/2019)|
|Committees:||House - Ways and Means | Senate - Finance|
|Committee Meetings:||12/11/19 10:00AM|
|Committee Reports:||H. Rept. 116-345|
|Latest Action:||Senate - 01/03/2020 Received in the Senate and Read twice and referred to the Committee on Finance. (All Actions)|
|Roll Call Votes:||There have been 2 roll call votes|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.5377 — 116th Congress (2019-2020)All Information (Except Text)
Passed House (12/19/2019)
Restoring Tax Fairness for States and Localities Act
This bill increases the tax deduction for state and local taxes in 2019 to $20,000 for persons filing a joint tax return if the adjusted gross income of the taxpayer does not exceed $100 million. It eliminates the current $10,000 cap on the deduction in 2020 and 2021 except for taxpayers whose adjusted gross income exceeds $100 million.
The bill increases the deduction for the expenses of elementary and secondary school teachers from $250 to $1.000. It also allows a deduction from gross income (above-the-line deduction) for expenses of first responders, up to $1,000, for tuition or fees for professional development courses related to service as a first responder or for uniforms used by first responders. The bill defines "first responder" as any individual employed as a law enforcement officer, firefighter, paramedic, or emergency medical technician for at least 1,000 hours during the taxable year.
The bill increases the top marginal income tax rate to 39.6% beginning in 2020, and reduces the dollar amount at which the increased tax rate begins.