The One, Big, Beautiful Bill updates SALT, EBL, RQOF, but not LOL3K

What is LOL3K?

Four things that caught my eye in The One, Big, Beautiful Bill…

SALT:

• The $10,000 state and local tax itemized deduction limit for married taxpayers filing jointly is set to expire Dec 31, 2025 (TCJA 2017)

• OBBB increases it to $30,000, and phases it out progressively for MAGI > $400,000 down to the current $10,000 limit

• The change would be permanent