1. Short title This Act may be cited as the Cutting Local Taxes by Reinstating SALT Act . 2. Repeal of limitation on deduction for State and local, etc. taxes (a) In general Section 164(b) of the Internal Revenue Code of 1986 is amended by striking paragraph (6) (as added by Public Law 115–97 ) and all that follows. (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2017. 3. Step-up in basis of property acquired from decedent limited to $5,000,000 (a) In general Section 1014(a) of the Internal Revenue Code of 1986 is amended to read as follows: (a) In general Except as otherwise provided in this section, the basis of property in the hands of a person acquiring the property from a decedent or to whom the property passed from a decedent shall, if not sold, exchanged, or otherwise disposed of before the decedent’s death by such person, be the lesser of— (1) the adjusted basis of the decedent, or (2) the fair market value of the property at the date of the decedent’s death. . (b) $5,000,000 basis increase Section 1014 of such Code is amended by adding at the end the following new subsection: (g) $5,000,000 basis increase (1) In general The basis of a decedent’s property to which subsection (a) applies shall be increased by an amount equal to a portion of the aggregate basis increase, which shall be allocated amongst property of the decedent in proportion to the net appreciation in value of the property. (2) Aggregate basis increase For purposes of this subsection, the aggregate basis increase shall be an amount equal to the lesser of— (A) $5,000,000, or (B) the aggregate net appreciation in value of all the decedent’s property to which subsection (a) applies. (3) Net appreciation For purposes of this subsection, the net appreciation in value of any property is the amount by which (if any) the fair market value of the property exceeds the decedent’s adjusted basis as of the date of the decedent’s death. (4) Special rules for certain property For purposes