To amend the Internal Revenue Code of 1986 to increase the limitation on the deduction for State and local taxes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
The bill requires increase in limitation on deduction for State and local taxes Section 164(b)(6)(B) of the Internal Revenue Code of 1986 is amended by striking $10,000 ($5,000 and inserting $50,000 ($25,000. It relies on definition changes, tax deductions, and compliance mandates. The main policy areas are Regulated Industries.
Who Benefits and How
Regulated entities and members of the public affected by the bill could gain revenue opportunities and Public beneficiaries or protected communities affected by the clause could face reduced risk.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties.
Key Provisions
- Requires increase in limitation on deduction for State and local taxes Section 164(b)(6)(B) of the Internal Revenue Code of 1986 is amended by striking $10,000 ($5,000 and inserting $50,000 ($25,000.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill requires increase in limitation on deduction for State and local taxes Section 164(b)(6)(B) of the Internal Revenue Code of 1986 is amended by striking $10,000 ($5,000 and inserting $50,000 ($25,000.
Key Policy Areas
Regulated Industries
Primary Purpose
The bill requires increase in limitation on deduction for State and local taxes Section 164(b)(6)(B) of the Internal Revenue Code of 1986 is amended by striking $10,000 ($5,000 and inserting $50,000 ($25,000.
Policy Domains
Whole bill
Identified Gains
- Regulated entities and members of the public affected by the bill
- Public beneficiaries or protected communities affected by the clause
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
Sponsors
Legislative Progress
IntroducedMr. Santos introduced the following bill; which was referred to …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
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