SALT Deduction Impact

News

Republicans reach deal on SALT deduction cap

Republicans’ deal on SALT deduction has changed again. How would it impact you?

Republican lawmakers in the House appeared to have reached a new agreement late Tuesday on the state and local tax deduction, commonly referred to as SALT, which had been one of the key sticking points in the passage of President Trump’s giant tax-and-spending bill.

KWQC on MSN · 1d

How change in tax deductions could impact Illinois

The version passed by the House increases that deduction limit to $40,000. The increase was a big point of contention for representatives from states with high taxes, like New Jersey and California.

USA Today · 2d

SALT deduction cap increased to $40,000 in new deal reached by Republicans. What to know

Republican lawmakers reached a deal today to raise the cap for the state and local tax deduction, known as the SALT deduction. Find out more.

SALT, tax deductions

SFGATE · 5d

These High Tax States Could Benefit the Most From Higher SALT Deduction

Few states have more riding on the future of the SALT deduction than New York. With some of the highest property taxes in the country and a high-income tax rate layered on top, New York residents are disproportionately affected by the current $10,000 cap on state and local tax deductions.

CNN International on MSN · 3d

Who benefits most from the state and local tax deduction and why raising the cap is contentious

Increasing the $10,000 cap on the state and local tax deduction could benefit millions of tax filers.

Orange County Register · 7d

What is the SALT cap, and how does it impact California taxpayers?

Breaking that out more, 20% of taxpayers in California’s 40th Congressional District — represented by Kim, it covers eastern Orange County and parts of Riverside and San Bernardino counties — claimed SALT deductions in 2017; only 7.5% did in 2022, according to data from the National Association of Realtors.

8don MSN

Californians could get bigger state, local tax deductions. Why that matters

Some congressional lawmakers are trying to lift Trump-era caps on state and local tax deductions as part of the new ...

JD Supra5d

The State and Local Tax Deduction Is in Peril – The Cavalry Does Not Appear to Be on Its Way to Rescue It

Prior to the Tax Cuts and Jobs Act (“TCJA”), there was no direct limitation on an individual taxpayer’s deduction of his or ...

2don MSN

How Trump’s big bill could affect your taxes

President Trump’s bill to cut taxes and spending centers on an extension of his previous round of tax cuts, which Republicans ...

JournalofAccountancy3d

Why the PTET SALT deduction is the AICPA’s ‘No. 1 priority’

We have a call to action on the passthrough entity SALT deduction because it has a huge impact to our members and, of course, their clients, too. Then with regards to the IRS, that is something ...

MiBolsilloColombia on MSN20h

Who benefits from SALT changes? New data shows married couples gain the most

Recent SALT deduction changes mainly benefit married couples in high-tax states, raising questions about fairness and ...

2don MSN

What is SALT and why does it threaten Trump's 'Big Beautiful Bill?'

The future of President Donald Trump's "Big Beautiful" federal spending bill could come down to SALT tax deductions.

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