S.3178 - Restoring Tax Fairness for States and Localities Act116th Congress (2019-2020) |
|Sponsor:||Sen. Schumer, Charles E. [D-NY] (Introduced 01/09/2020)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 01/09/2020 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.3178 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (01/09/2020)
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. It eliminates the current $10,000 cap on the deduction in 2020 and 2021.
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.