Sec. 11042. Suspension of deduction for State and local, etc. taxes
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Subsection
(b)of section 164 is amended by adding at the end the following new paragraph: In the case of an individual and a taxable year beginning after December 31, 2017, and before January 1, 2026— foreign real property taxes (other than taxes which are paid or accrued in carrying on a trade or business or an activity described in section 212) shall not be taken into account under subsection (a)(1), the aggregate amount of taxes (other than taxes which are paid or accrued in carrying on a trade or business or an activity described in section 212) taken into account under subsection (a)(1) for any taxable year shall not exceed $10,000 ($5,000 in the case of a married individual filing a separate return), subsection (a)(2) shall only apply to taxes which are paid or accrued in carrying on a trade or business or an activity described in section 212, subsection (a)(3) shall not apply to State and local taxes, and paragraph
(5)shall not apply. . The amendment made by this section shall apply to taxable years beginning after December 31, 2017.