SALT deduction

It's time to revisit the $10,000 cap considering a new $40,000 limitation under the OBBBA.

The sprawling new tax law includes a number of provisions that present opportunities for accountants and tax professionals to discuss estate and gift planning.

A new study predicts the One Big Beautiful Bill Act will reduce federal taxes on average for individual taxpayers in every state, but the impact will differ.

The prospect of prolonged talks with holdouts threatens Senate Majority Leader John Thune's goal of passing President Trump's tax-cut legislation by July 4.

It would extend Trump's first-term tax cuts due to expire Dec. 31, along with new tax relief including raising the limit on deducting state and local taxes.

A sizable increase to the current $10,000 limit on SALT write-offs would represent a major victory for a crucial group of swing-district House Republicans.

President Donald Trump outlined his tax priorities in a meeting with Republican lawmakers, including expanding the state and local tax deduction.

The mood in markets and the financial situation are starkly different from 2017, when Trump and congressional Republicans passed a deficit-expanding tax cut.

The Washington National Tax Office of Grant Thornton points out the most important state and local tax developments to keep an eye out for.

Once primarily an issue for Democrats, GOP gains in New York have made the deduction an issue for them, too.

The Empire State is expanding a tax break that allows smaller companies to circumvent the $10,000 limit on state and local tax deductions.

Senator Joe Manchin and Majority Leader Chuck Schumer have struck a deal on a tax, energy and climate bill, breaking a deadlock on the Democrats’ long-sought legislation to enact major parts of President Joe Biden’s agenda.

Democrat-leaning states argue that the $10,000 SALT cap deduction is politically motivated and violates the U.S. Constitution.

Advocates say they'll continue pushing for the write-off, but it is not widely popular.

Well-off professionals in costly areas of the U.S. are set to get a windfall from competing plans to change the deduction limit for state and local taxes.

The Build Back Better reconciliation bill would raise the SALT cap to $80,000 from $10,000, and that impact varies widely from state to state.

House Democrats in high-tax New York, New Jersey, enlist help from firefighters, teachers and other union members to repeal the $10,000 SALT cap on deducting state and local taxes, including property taxes.

Some taxpayers, including those who aren't millionaires, have been hammered by the limit, writes Bloomberg’s Alexis Leondis.

The Treasury secretary has previously said she would work with Congress on ways to ease the “disparate treatment” across taxpayers from the deduction limit.

As Congress considers Biden’s $2.25 trillion spending and tax proposal, party members are being explicit with their constituents about how much it’ll cost them.