On 2025-05-09, the House Ways & Means Committee posted a committee-print draft of its tax-reconciliation bill, which did not mention the state and local tax deduction. The Committee will meet for a full markup on 2025-05-13 at 2 p.m. ET (Longworth 1100). Staff will introduce an “amendment in the nature of a substitute” (AINS); members may offer additional amendments; the Committee will then vote to report the bill. This market resolves according to the SALT language in the final text the Committee approves on May 13.

Resolution: Settle on the cap (or no cap) that appears in the final bill text the committee reports on 2025-05-14. If SALT is not addressed, resolve “Uncapped.”

• Reference text = PDF of the bill as reported out of committee on 2025-05-13.

• Use the language that exists after the committee’s final vote to order the bill reported.

• If the markup slips to a later date, wait for that final vote.