US SB3178 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on January 9 2020 - 25% progression, died in committee
Action: 2020-01-09 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on January 9 2020 - 25% progression, died in committee
Action: 2020-01-09 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Increases the tax deduction for state and local taxes in 2019 to $20,000 for persons filing a joint tax return. It eliminates the current $10,000 cap on the deduction in 2020 and 2021. The bill increases the top marginal income tax rate to 39.6% beginning in 2020, and reduces the dollar amount at which the increased tax rate begins.
Title
Restoring Tax Fairness for States and Localities Act
Sponsors
| Sen. Charles Schumer [D-NY] | Sen. Ron Wyden [D-OR] | Sen. Robert Menendez [D-NJ] |
History
| Date | Chamber | Action |
|---|---|---|
| 2020-01-09 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB5342 (Related) 2019-12-06 - Referred to the House Committee on Ways and Means.
HB5352 (Related) 2019-12-06 - Referred to the House Committee on Ways and Means.
HB5377 (Same As) 2020-01-03 - Received in the Senate and Read twice and referred to the Committee on Finance.
HB5352 (Related) 2019-12-06 - Referred to the House Committee on Ways and Means.
HB5377 (Same As) 2020-01-03 - Received in the Senate and Read twice and referred to the Committee on Finance.
Subjects
Income tax deductions
Income tax rates
State and local taxation
Tax administration and collection, taxpayers
Tax treatment of families
Taxation
Income tax rates
State and local taxation
Tax administration and collection, taxpayers
Tax treatment of families
Taxation
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/116th-congress/senate-bill/3178/all-info |
| Text | https://www.congress.gov/116/bills/s3178/BILLS-116s3178is.pdf |
