1. Short title This Act may be cited as the Supporting Americans with Lower Taxes Act or as the SALT Act . 2. Modification of limitation on the deduction by individuals of certain State and local, etc., taxes (a) In general Section 164(b)(6) of the Internal Revenue Code of 1986 is amended to read as follows: (6) Limitation on deduction by certain high-income individuals (A) In general In the case of a taxpayer with adjusted gross income which equals or exceeds $400,000 for any taxable year— (i) foreign real property taxes shall not be taken into account under subsection (a)(1) (or section 216(a)) for such taxable year, and (ii) the aggregate amount of taxes taken into account under paragraphs (1), (2), and (3) of subsection (a) and paragraph (5) of this subsection (and any tax described in any such paragraph taken into account under section 216(a)(1)) for such taxable year shall not exceed $60,000. (B) Phasedown of limitation based on adjusted gross income The $60,000 amount in subparagraph (A)(ii) shall be reduced (but not below zero) by the dollar amount which bears the same ratio to $60,000 as— (i) the excess of the taxpayer’s adjusted gross income over $400,000, bears to (ii) $600,000. (C) Application restricted to certain taxpayers and taxes (i) Application to individuals Subparagraph (A) shall only apply to individuals, estates, and trusts. (ii) Exclusion of certain business taxes Subparagraph (A) shall not apply to any foreign taxes described in subsection (a)(3) or to any taxes described in paragraph (1) and (2) of subsection (a) which are paid or accrued in carrying on a trade or business or an activity described in section 212. (D) Married individuals filing a separate return In the case of a married individual filing a separate return, subparagraphs (A) and (B) shall be applied— (i) by substituting $200,000 for $400,000 each place it appears, (ii) by substituting $30,000 for $60,000 each place it appears, and (iii) by substituting $300,000 for $600,000 in subparagraph (B)(ii). (E) Estates and trusts