SALT deduction

Sponsors of the Supporting American with Lower Taxes Act see it as a potential compromise on the contentious state and local tax deduction cap issue.

Democrat-leaning states argue that the $10,000 SALT cap deduction is politically motivated and violates the U.S. Constitution.

President Joe Biden's $1.7 trillion bill passed the House after months of debate and without any of the municipal bond market's priorities.

The Build Back Better reconciliation bill would raise the SALT cap to $80,000 from $10,000, and that impact varies widely from state to state.

Two major pieces of President Joe Biden's domestic agenda, which carry implications for the municipal bond market, advanced in the House Friday.

The SALT deduction cap could be increased, suspended or repealed.

SALT relief was not part of the initial language in the reconciliation bill, but several moderate Democrats say they won't support the legislation without it.

The Biden administration wants to increase IRS funding for enforcement to close the gap between taxes owed and taxes that are paid.

Three House Democrats say they won’t support tax hikes unless the Biden tax plan includes a repeal of the $10,000 cap on state and local tax deductions.

The incoming Biden administration last week proposed direct federal aid of $350 billion to state and local governments as part of a proposed $1.9 trillion coronavirus relief bill.