US HB2894 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on May 22 2019 - 25% progression, died in committee
Action: 2019-05-22 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 22 2019 - 25% progression, died in committee
Action: 2019-05-22 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Increases the limit on the tax deduction for certain state and local taxes, which is currently $10,000 per year. The bill increases the limit to $15,000 (twice the amount in the case of a joint return) and requires the new limit to be adjusted for inflation after 2019. The bill also increases the income tax rate for corporations to an amount that the Department of the Treasury determines is required to cover the reduction in revenue resulting from the increased tax deduction allowed by this bill.
Title
Save the State and Local Tax Deduction for Middle Class Families Act of 2019
Sponsors
Rep. Daniel Lipinski [D-IL] |
History
Date | Chamber | Action |
---|---|---|
2019-05-22 | House | Referred to the House Committee on Ways and Means. |
2019-05-22 | House | Introduced in House |
Same As/Similar To
HB1757 (Related) 2019-03-14 - Referred to the House Committee on Ways and Means.
SB2762 (Related) 2019-10-31 - Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S6336-6337)
SB2762 (Related) 2019-10-31 - Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S6336-6337)
Subjects
Corporate finance and management
Income tax deductions
Income tax rates
Inflation and prices
Property tax
Sales and excise taxes
State and local taxation
Taxation
Income tax deductions
Income tax rates
Inflation and prices
Property tax
Sales and excise taxes
State and local taxation
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/house-bill/2894/all-info |
Text | https://www.congress.gov/116/bills/hr2894/BILLS-116hr2894ih.pdf |