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.)
[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4803 Introduced in House (IH)]
<DOC>
115th CONGRESS
2d Session
H. R. 4803
To clarify the treatment of State and local real property taxes paid in
2017 and assessed for 2018.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 16, 2018
Mr. Lance (for himself, Mr. Gottheimer, Mr. Smith of New Jersey, Mr.
Frelinghuysen, Mr. LoBiondo, Ms. Stefanik, Mr. King of New York, Mr.
Zeldin, Mr. Faso, and Mr. Donovan) introduced the following bill; which
was referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To clarify the treatment of State and local real property taxes paid in
2017 and assessed for 2018.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``SALT Prepayment Deductibility Act''.
SEC. 2. TREATMENT OF STATE AND LOCAL REAL PROPERTY TAXES PAID IN 2017
AND ASSESSED FOR 2018.
Amounts paid in calendar year 2017 with respect to real property
taxes assessed for calendar year 2018 shall not fail to be treated for
purposes of section 164 as paid or accrued within calendar year 2017.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line