Page 2 - Salt Cap News Today

House Republicans lack unanimous support for legislation to extend the Trump tax cuts because a chunk of GOP lawmakers is objecting to a key provision that limits state and local tax deductions.

Malinowski will support the Democrat bill that doesn't eliminate the SALT cap, despite saying he wouldn't support any bill that doesn't.

Efforts to lift the cap for property tax deductions on your federal income tax return have resumed

Alabama Legislature unanimously enacted elective pass-through entity tax PTE Tax last year as workaround to the so-called SALT Cap, which was part of the Tax Cuts and Jobs Act of 2017. The SALT Cap limits the deductibility of state and local taxes to $10,000 annually.

Alabama Legislature unanimously enacted elective pass-through entity tax PTE Tax last year as workaround to the so-called SALT Cap, which was part of the Tax Cuts and Jobs Act of 2017. The SALT Cap limits the deductibility of state and local taxes to $10,000 annually.

Mississippi recently passed a Entity Income Tax Election/SALT cap workaround in the form of a flow-through entity election, the bill has several grey areas and questions that will need to be addressed through Department of Revenue guidance or possible technical corrections.

Sen. Bob Menendez (D-N.J.) criticized Sen.

Democrats say cutting hundreds of billions in taxes for wealthy income-earners in coastal states is "essential" to getting reelected.

Michigan Gov. Gretchen Whitmer signed into law House Bill 5376 (HB 5376), a bill that amended the Michigan Income Tax Act to allow pass-through entities such as S corporations, partnerships and certain trusts to make an election to pay tax at the entity level,

While Trump grew wages, Biden is looking to provide billions in tax cuts to wealthy Democrat Party donors, a former Trump adviser says.