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“Proposed amendment SA 2723 withdrawn in Senate.”
This amendment would have made the $10,000 limit on state and local tax (SALT) deductions permanent. Currently, this cap is scheduled to expire in the future, but this proposal would have kept the restriction in place indefinitely.
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“Proposed amendment SA 2723 withdrawn in Senate.”
This amendment would have made the $10,000 limit on state and local tax (SALT) deductions permanent. Currently, this cap is scheduled to expire in the future, but this proposal would have kept the restriction in place indefinitely.
The SALT cap is a major point of contention for taxpayers in states with high income or property taxes; making the cap permanent would prevent these individuals from claiming larger deductions in the future.
Individual taxpayers who pay more than $10,000 a year in combined state and local income or property taxes are the most directly affected.