Earlier this week, Federal lawmakers introduced a series of bills which seek to make permanent certain revisions made last year to the tax code. Among those provisions sought to be made permanent is the controversial, $10,000 cap placed on the deduction of state and local taxes (SALT). Without the proposed legislation, the cap would expire in 2025.
The move to make the SALT cap permanent comes only weeks after the IRS issued proposed regulations limiting the effectiveness of workarounds many states, including New Jersey, have created to reduce the negative impact of the SALT cap.
The League is monitoring the progress of the Federal bills and other issues regarding the SALT cap, and will update our members on any progress.
Contact: Frank Marshall, Esq., League Staff Attorney, FMarshall@njslom.org, 609-695-3481, x137.