Tentative Deal Reached on Tax Deduction Cap Increase

Moderate Republicans in high-tax states have negotiated a tentative agreement with Republican leaders to increase the cap on state and local tax deductions. The deal, as reported by Politico, needs further approval from other Republicans to be part of a broader tax bill.

Republican leaders and moderate members from high-tax states have reached a preliminary agreement to increase the cap on state and local tax deductions, according to a report by Politico.

This tentative deal signifies a key step but still requires broader approval among Republicans who are divided on the issue.

The agreement is part of ongoing negotiations aimed at finalizing a comprehensive tax bill, with further discussions expected as both sides seek consensus.

(With inputs from agencies.)