Salt Tax Changes 2024 India. The movement to roll back limits on how much state and local taxes americans can deduct on their federal returns took a hit wednesday when a vote to advance a salt relief bill failed in the house. These could include a hike in the standard deduction limit, a hike basic tax exemption limit in the new income tax regime, and simplified capital gain tax regimes.

The bill would increase the $10,000 cap on state and local tax (salt) deductions to $20,000 for joint tax filers who earn under $500,000 in adjusted gross. Highlights include revised tax slabs, increased deductions, and simplified.