The main purpose of this legislation is to change the tax code to allow individuals to fully deduct certain state and local taxes from their federal income tax. This includes property taxes and state income taxes, which are often significant expenses for taxpayers. The key provision of this legislation is the repeal of a current limitation on the deduction for these taxes. Under existing law, there is a cap on how much taxpayers can deduct for state and local taxes, which can lead to higher overall tax bills for many individuals.