To amend the Internal Revenue Code of 1986 to exempt qualified student loan bonds from the volume cap and the alternative minimum tax.

House Bill

H.R. 2660

119th Congress

To amend the Internal Revenue Code of 1986 to exempt qualified student loan bonds from the volume cap and the alternative minimum tax.

In Committee

Introduced:May 21, 2025

Primary Sponsor

Gary J. Palmer

Representative

Republican

AL-6

Cosponsors

1

Quick Stats

Policy Area

Taxation

Summary

This bill would allow people to deduct more of the state and local taxes they pay from their federal income taxes. Currently, there is a $10,000 cap on this deduction, but this bill would raise that limit to $15,000 for individual filers and $30,000 for married couples filing jointly.

Latest Action

Referred to the House Committee on Ways and Means.

SponsorGary J. Palmer (R-AL)

Introduced5/21/2025

StatusReferred to the House Committee on Ways and Means.

ChamberHouse

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Vote Prediction

To amend the Internal Revenue Code of 1986 to exempt qualified student loan bonds from the volume cap and the alternative minimum tax.

This bill would allow people to deduct more of the state and local taxes they pay from their federal income taxes. Currently, there is a $10,000 cap on this deduction, but this bill would raise that limit to $15,000 for individual filers and $30,000 for marrie

Community Breakdown

Pass

0%

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This bill would allow people to deduct more of the state and local taxes they pay from their federal income taxes. Currently, there is a $10,000 cap on this deduction, but this bill would raise that limit to $15,000 for individual filers and $30,000 for married couples filing jointly.

Bill Number: 2660
Sponsor: Gary J. Palmer (R-AL)
Introduced: 5/21/2025
Status: Referred to the House Committee on Ways and Means.
Policy Area: Taxation

Data from Congress.gov

AI-generated summary

Fact Sheet

Title: To amend the Internal Revenue Code of 1986 to exempt qualified student loan bonds from the volume cap and the alternative minimum tax.
Bill Number: 2660
Sponsor: Gary J. Palmer (R-AL)
Status: Referred to the House Committee on Ways and Means.
Introduced: 5/21/2025
Summary: This bill would allow people to deduct more of the state and local taxes they pay from their federal income taxes. Currently, there is a $10,000 cap on this deduction, but this bill would raise that limit to $15,000 for individual filers and $30,000 for married couples filing jointly.

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

This bill would allow people to deduct more of the state and local taxes they pay from their federal income taxes. Currently, there is a $10,000 cap on this deduction, but this bill would raise that limit to $15,000 for individual filers and $30,000 for married couples filing jointly.

Last updated: 12/30/2025

Official Summary

Congressional Research Service summary

SALT Fairness for Working Families Act This bill increases the limit on the individual income tax deduction for certain state and local taxes, which is currently $10,000 per year ($5,000 for a married taxpayer filing a separate return). The bill increases the limit to $15,000 (twice that amount in the case of a joint return) and requires the increased limit to be adjusted for inflation after 2023.

Key Points

Main provisions of the bill

Increases the limit on the individual income tax deduction for state and local taxes from $10,000 to $15,000 ($30,000 for married couples filing jointly)
The increased limit will be adjusted for inflation after 2023
This change would allow taxpayers to deduct more of the state and local taxes they pay from their federal income taxes

How This Impacts Americans

Potential effects on citizens and communities

This bill would primarily benefit middle-income and upper-middle-income taxpayers who live in states with relatively high state and local taxes, such as California, New York, and New Jersey. It would reduce their federal tax burden and put more money back in their pockets, potentially increasing their disposable income and stimulating the economy.

Policy Areas

Primary Policy Area

Taxation

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

2660, 119th Congress (2025). "To amend the Internal Revenue Code of 1986 to exempt qualified student loan bonds from the volume cap and the alternative minimum tax.". Source: Voter's Right Platform. https://votersright.org/bills/118-hr-2660