Can contributions to Coverdell ESAs reduce a taxpayer's state and local tax liability through deductions or credits?

The State and Local Tax (SALT) Deduction is one of the original components of the 1913 tax law that created the federal income tax. This. Feb 18, 2025 ... The 2017 Tax Cuts and Jobs Act (TCJA) dramatically limited the reach of the SALT deduction, prohibiting each household from deducting more than ... Dec 10, 2022 ... Consistent with the SALT deduction limitation negatively affecting counties' expected future ability to raise more real estate tax revenues, we ... Jul 27, 2021 ... ... (NY-02) led a letter to Congressional leadership calling for the immediate repeal of the State and Local Tax (SALT) deduction cap. Jun 18, 2020 ... State Tax Strategies for Athletes and Entertainers: Residency and SALT Deduction Limitations. The state and local tax deduction (SALT deduction) is a United States federal itemized deduction that allows taxpayers to deduct certain taxes paid to state ... Expenses that are eligible for the itemized deductions include the SALT deduction (up to the $10,000 cap), tax deductible mortgage interest, charitable gifts, ... Jan 3, 2022 ... "The SALT deduction cap is nothing less than double taxation on New Yorkers," Governor Hochul said. "Repealing the SALT cap would not only ... Oct 1, 2017 ... ... deduction for state and local taxes (SALT), available to itemizers. What is the SALT deduction? Simply put, it allows taxpayers to avoid ... The $10,000 U.S. cap on deductions for state and local taxes (SALT) is, understandably, on the minds of many taxpayers in high-tax states, especially with ...