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

Overview

Restoring Tax Fairness for States and Localities Act (H.R. 5377) would increase the tax deduction for state and local taxes in 2019 to $20,000 for persons filing a joint tax return and eliminates the current $10,000 cap on the deduction in 2020 and 2021. The bill would also increase the deduction for the expenses of elementary and secondary school teachers from $250 to $500. Additionally, the bill would restore the pre-TCJA top marginal tax rate from 37 percent starting at $600,000 to 39.6 percent starting at $479,000.

Our Stance

Watching

Priority

Medium

Bill Number

H.R.5377

Date Introduced

December 10, 2019

Committee

Senate Finance Committee

Bill Status

Passed Original Chamber