House narrowly passes temporary repeal of SALT deduction cap

The U.S. House of Representatives on Thursday narrowly passed a temporary two-year repeal of the $10,000 cap imposed on state and local tax deductions (SALT), one of the changes to the tax code imposed by President Donald Trump’s 2017 tax reform. 
 
The real estate community praised the passing of the bill, saying the cap hurt both taxpayers and the industry.

“We are pleased that the House has passed a bill to temporarily eliminate the cap on the amount of state and local tax that taxpayers can deduct on their federal tax returns,” California Association of Realtors President Jeanne Radsick said in a statement. “The combined hit of a reduction in the mortgage interest deduction and current $10,000 SALT cap in the tax law has disproportionately hurt taxpayers and real estate in California.”

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