On Wednesday, February 14, 2024, the House failed to pass H.R. 7160, the SALT Marriage Penalty Elimination Act. This is the bill that would have doubled the SALT deduction for married taxpayers filing jointly with adjusted gross income of less than $500,000 for the 2023 tax year only. This means that provision will not be enacted.
This vote does not affect the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024). We are still waiting for a vote on that pending bill. For more information on the provisions in that bill, see our February 1, 2024, Flash E-mail (“Tax deal moves to Senate” available at: www.caltax.com/news/flash-email/2024-05-tax-deal-bill-moves-to-senate/). We will keep you updated on the latest developments with this legislation as it moves through the Senate.
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