H. R. 5377, Restoring Tax Fairness for States and Localities Act.

Summary: This bill 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. (Cosponsors, Bipartisan)

ANGIE CRAIG’S POSITION:  Representative Craig Cosponsored the bill on 12/10/19.

STATUS: Introduced 12/10/19 by Rep. Suozzi, Thomas R. [D-NY-3].

INFORMATION RELATED TO THE BILL:

  • “The SALT cap was particularly unfair to Long Islanders and New Yorkers because they already subsidize other states by paying $48 billion more into the federal government than we receive back, it is a tax on taxes already paid, and it hits the homeowners whose local taxes fund police, firefighters and other services. It is a great honor to have been asked by the Ways and Means Committee to take the lead on introducing this legislation. It was also important to me that our bill should be a bipartisan effort, which is why I am especially grateful to Representative King for cosponsoring my bill to restore tax fairness for our constituents on Long Island,” said Suozzi. (Source: Rep. Suozzi, Press Release, 12/10/19)

ADDITIONAL DETAIL:

Link to the text of the bill.

Link to bill information (support and opposition) on Countable.

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