SALT Fairness for Working Families Act

This bill aims to amend the Internal Revenue Code of 1986 by increasing the deduction limit for State and local taxes (SALT) paid by individuals. Currently, taxpayers can deduct a maximum of $10,000, or $5,000 for married individuals filing separately. The proposed legislation would raise this cap to $15,000 for most filers. For those filing a joint return , the new limit would be twice that amount, allowing a deduction of up to $30,000 . These changes are slated to take effect for taxable years beginning after December 31, 2024, providing relief to taxpayers in high-tax states.