President Donald Trump’s One Big Beautiful Bill Act (OBBBA) raised the state and local tax (SALT) cap deduction to $40,000 from the previous $10,000, as previously reported by GOBankingRates. For homeowners in states with high property taxes, this could raise their allowable deductions past the standard deduction of $15,750 for individual taxpayers and $31,500 for those who are married, filing jointly.
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