Federal implications of the ‘One Big Beautiful Bill’: What’s changing and how to respond
ThomsonReuters
JULY 21, 2025
Cap increased from $10,000 to $40,000 through 2029 (phases with inflation), then reverts to $10,000 in 2030. The SALT cap is temporarily raised to $40,000 for taxpayers earning under $500,000 between 2025 and 2029, providing more tax deductions for high earners. State and Local Tax (SALT) deduction. Temporary increase in SALT cap.
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