Cutting Local Taxes by Reinstating SALT Act

[AI summary unavailable — showing source text] This bill amends the Internal Revenue Code to repeal the limitation on individual deductions for certain state and local taxes. (For tax years 2018-2025, the deduction for certain state and local taxes is currently limited to $10,000 per year for individuals or $5,000 for married individuals filing a separate return.) The bill also (1) limits the amount of the step-up in basis of property acquired from a decedent to $5 million, for estate tax purposes, and (2) treats property contributed by a taxpayer to a private foundation as sold by such taxpayer on the date of such contribution for its fair market value.…