Are there any special rules or considerations for deducting state and local taxes in years with unusually high or low income?

Feb 12, 2025 ... $15,000/$30,000 SALT Cap: The current SALT deduction cap would be increased to $15,000 for individual taxpayers and $30,000 for married couples, ... The SALT deduction for state and local taxes can only be claimed if you itemize on your tax return - that is, when your itemized deductions are greater than ... Jun 2, 2021 ... South Carolina Gov. Henry McMaster signed Senate Bill 627, establishing the state as at least the thirteenth state to adopt a pass-through entity tax. Feb 11, 2022 ... The SALT deduction cap became a political lightning rod in 2017 when a Republican-controlled Congress passed the Tax Cuts & Jobs Act. Jan 16, 2025 ... ... deduction, so the loss of SALT deductions significantly undercut any 199A benefit. For reasons unknown, the TCJA did not extend the SALT cap ... Feb 5, 2024 ... KEY VOTE: “No” on SALT Deduction Cap Increase (H.R. 7160) ... Heritage Action opposes the State and Local Tax (SALT) deduction cap increase (H.R. ... Nov 26, 2024 ... A higher cap or a full repeal of the SALT cap would mostly benefit high-income earners, making either change a regressive policy. Sep 9, 2024 ... In 2017, the average SALT deduction taken in New Jersey was $19,000, nearly double the current cap, and $24,000 in Bergen County. The deduction ... Aug 25, 2021 ... The SALT deductions are limited by a new cap of. $10,000, effective 2018. The unique impact of the new SALT deduction cap on home prices is. Jan 11, 2022 ... Personal income tax itemized deduction for state and local taxes. (SALT). • Only taxpayers that itemize deductions may claim SALT deduction.