SALT, Trump and to deduct
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1don MSN
The One Big Beautiful Bill Act is temporarily quadrupling the state and local tax deduction to at least $40,000, up from $10,000, for the next five years. Now it’s up to taxpayers to see if they can take advantage of this extra write-off, which is popularly referred to as the SALT deduction.
From increased deductions on mortgage interest to more incentives for low-income housing construction, the 'Big Beautiful Bill' features several provisions that impact the housing market.
Trump’s “big beautiful bill” includes a temporary $40,000 SALT deduction cap. But the phaseout could trigger a tax surprise for some higher earners.