A move by a group Republican and Democratic House members has that chamber looking into bringing back higher Federal tax credit for the larger taxes that Americans pay in some states….
The action is way for the House to get votes to pass a tax ‘Relief ‘ bill ‘restoring business deductions for research development costs, interest payments and capital investments, among other provisions.’
The legislation they expect to come up would be a modified version of New York GOP Rep. Mike Lawler’s SALT Marriage Penalty Elimination Act, which would increase the SALT deduction from $10,000 to $20,000 for a married couple filing a tax return jointly.
The bill would come up under a closed rule, the sources said.
Spokespeople for Speaker Mike Johnson (R-La.) and Ways and Means Committee Chair Jason Smith (R-Mo.) did not immediately confirm the details of the agreement.
The agreement comes as the House prepares to hold a Wednesday vote on the tax bill — dubbed the Tax Relief for American Families and Workers Act — which moderates have sharply criticized for not including an increase in the SALT deduction.
On Tuesday, four moderate New York Republicans voted against a procedural rule vote on unrelated bills as a warning shot to House GOP leaders in order to protest an increase of the SALT deduction — a top priority for many blue-state Republicans — not being included. They flipped their votes to allow the procedural measure to pass as they continued to negotiate solutions late into Tuesday night.
The agreement could make for much smoother sailing for the bipartisan tax bill that is scheduled for passage Wednesday evening under a fast-track process that does not allow for amendments and requires two-thirds support for passage, requiring Democratic support….