H. R. 246, introduced in the 119th Congress, proposes changes to the Internal Revenue Code of 1986. This bill aims to increase the amount that individuals can deduct for certain State and local taxes. Currently, individuals can deduct up to $10,000 ($5,000 for separate...
Simple Explanation
H. R. 246 is a proposal for people to pay less money to the U.S. government by allowing them to subtract more state and local taxes when they do their taxes. Right now, they can subtract up to $10,000, but this bill wants to change it so they can subtract up to $15,000, which could help people who live where taxes are high.