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House votes to lift SALT deduction cap — but don’t celebrate

House Democrats on Thursday passed a bill that would ease the state and local tax deduction cap that shook the residential real estate market in New York and other high-tax states. But the “Restoring Tax Fairness for States and Localities Act” has little chance of getting anywhere in the Republican-controlled Senate. The measure would increase the SALT cap to $ 20,000 from $ 10,000 for a joint return filed in 2019, and eliminate the cap for 2020

The Real Deal New York

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