This bill increases the amount of money individuals can deduct from their taxes for state and local taxes, helping them save more.
SALT Fairness for Working Families Act This bill increases the limitation on the federal tax deduction for state and local taxes (commonly known as the SALT deduction cap) to $15,000 ($30,000 for married individuals filing a joint federal income tax return). Under current law, the SALT deduction cap is $10,000 ($5,000 for a married individuals filing separate federal income tax returns).