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flag OBBB Act proposes raising SALT deduction cap to $30,000, facing opposition over $200B annual cost.

flag The One Big Beautiful Bill Act (OBBB) proposes raising the state and local tax (SALT) deduction cap from $10,000 to $30,000, with a phaseout for those earning over $400,000. flag The bill faces opposition from some Republicans, who worry about the $200 billion annual revenue loss starting in 2027. flag It also introduces measures to combat foreign taxes and maintains current treatment of foreign income and anti-abuse taxes. flag The bill accelerates the expiration of some "green" tax credits and restores bonus depreciation for certain property until 2030. flag Despite the OBBB's wide-ranging provisions, the SALT deduction remains a contentious issue.

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