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H.R.1 - 119th Congress (2025-2026): One Big Beautiful Bill Act | Congress.gov | Library of Congress

 

Regarding SALT:

 

(Sec. 112018) This section increases the limitation on the federal tax deduction for state and local taxes (commonly known as the SALT deduction cap) to $40,400 (or $20,200 for married individuals filing separately). Under this section, the SALT deduction cap is reduced for taxpayers with an adjusted gross income over $505,000 (or $202,500 for married individuals filing separately), but not below $10,000 (or $5,000 for married individuals filing separately).

The section increases the dollar amounts for the limitations on the SALT deduction by 1% per year for tax years 2027-2033 and establishes a permanent limitation for subsequent years that is equal to the 2033 levels.

This section also 

• prohibits the SALT deduction for foreign real property taxes (other than foreign real property taxes paid or accrued by certain entities in carrying out a trade or business),
• prohibits certain partnerships and S corporations from claiming the SALT deduction for specific taxes, and
• limits the SALT deduction for payments made to a state or local jurisdiction that generate a specific tax benefit.