To clarify the treatment of State and local real property taxes paid in 2017 and assessed for 2018.
USA115th CongressHR-4803| House
| Updated: 1/16/2018
Leonard Lance
Republican Representative
New Jersey
Cosponsors (14)
Daniel M. Donovan (Republican)Elise M. Stefanik (Republican)John Garamendi (Democratic)Randy Hultgren (Republican)Peter T. King (Republican)Lee M. Zeldin (Republican)C. A. Dutch Ruppersberger (Democratic)John J. Faso (Republican)Frank A. LoBiondo (Republican)Christopher H. Smith (Republican)Betty McCollum (Democratic)Jamie Raskin (Democratic)Rodney P. Frelinghuysen (Republican)Josh Gottheimer (Democratic)
Ways and Means Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
SALT Prepayment Deductibility Act This bill specifies that, for the purpose of the federal tax deduction for certain state and local taxes, amounts paid in 2017 for real property taxes assessed for 2018 must be treated as paid or accrued within 2017. (Under current law, individual deductions for certain state and local taxes are limited during 2018-2025 to $10,000 per year for individuals or $5,000 for married individuals filing a separate return.)
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Timeline
Introduced in House
Referred to the House Committee on Ways and Means.
Taxation
Income tax deductionsProperty taxState and local taxationTax administration and collection, taxpayers
To clarify the treatment of State and local real property taxes paid in 2017 and assessed for 2018.
USA115th CongressHR-4803| House
| Updated: 1/16/2018
SALT Prepayment Deductibility Act This bill specifies that, for the purpose of the federal tax deduction for certain state and local taxes, amounts paid in 2017 for real property taxes assessed for 2018 must be treated as paid or accrued within 2017. (Under current law, individual deductions for certain state and local taxes are limited during 2018-2025 to $10,000 per year for individuals or $5,000 for married individuals filing a separate return.)
View Full TextSuggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
Referred to the House Committee on Ways and Means.
Leonard Lance
Republican Representative
New Jersey
Cosponsors (14)
Daniel M. Donovan (Republican)Elise M. Stefanik (Republican)John Garamendi (Democratic)Randy Hultgren (Republican)Peter T. King (Republican)Lee M. Zeldin (Republican)C. A. Dutch Ruppersberger (Democratic)John J. Faso (Republican)Frank A. LoBiondo (Republican)Christopher H. Smith (Republican)Betty McCollum (Democratic)Jamie Raskin (Democratic)Rodney P. Frelinghuysen (Republican)Josh Gottheimer (Democratic)
Ways and Means Committee
Taxation
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Income tax deductionsProperty taxState and local taxationTax administration and collection, taxpayers