Text: S.85 — 117th Congress (2021-2022)All Information (Except Text)

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Introduced in Senate (01/28/2021)


117th CONGRESS
1st Session
S. 85


To amend the Internal Revenue Code of 1986 to repeal the limitation on the deduction for certain taxes, including State and local property and income taxes.


IN THE SENATE OF THE UNITED STATES

January 28, 2021

Mr. Schumer (for himself, Mr. Wyden, Mr. Menendez, Mrs. Gillibrand, Mr. Booker, Mr. Durbin, and Ms. Duckworth) introduced the following bill; which was read twice and referred to the Committee on Finance


A BILL

To amend the Internal Revenue Code of 1986 to repeal the limitation on the deduction for certain taxes, including State and local property and income taxes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Securing Access to Lower Taxes by ensuring Deductibility Act” or the “SALT Deductibility Act”.

SEC. 2. Repeal of limitation on deduction for State and local, etc. taxes.

(a) In general.—Section 164(b) of the Internal Revenue Code of 1986 is amended by striking paragraph (6).

(b) Effective date.—The amendment made by this section shall apply to taxable years beginning after December 31, 2020.


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