Senate Rejects Effort to Overturn SALT Deduction Cap

Earlier this week, the Senate rejected a bid by democratic members to overturn IRS regulations prohibiting states from creating charitable funds that taxpayers can contribute to in exchange for a state tax credit. The creation of the credits was an attempt by high-tax blue states such as New York, New Jersey and California to get…

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IRS Blocks SALT Workarounds

The Internal Revenue Department (IRS) issued final regulations this week that effectively blocked the effort by some states to get around the $10,000 cap on state and local tax (SALT) deductions imposed by the Tax Cuts and Jobs Act back in 2017. The workarounds, which allowed – and in most cases encouraged – local communities…

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