The Republican Party in the House is pushing a proposal to increase the SALT deduction cap from $10,000 to $40,000, offering significant tax relief to individuals in high-tax states.

The current cap is $10,000 for the state and local property tax deduction. A previous proposal would raise it to $30,000

If the House provision is enacted, the SALT cap would rise to $40,000, up from $30,000 in the previous plan, and phase out over $500,000.