How does the salt deduction affect state and local government finances?

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. ... Jul 8, 2022 ... For Virginia income taxes, the electing qualifying PTE and the PTE's owners are required to add-back their respective federal deductions for ... Mar 13, 2019 ... This blog focuses on what the reduced deduction means for taxpayers, especially in high-tax states like California, New York and New Jersey. May 7, 2020 ... We consider options that would limit all itemized deductions, not just the SALT deduction, and an additional option that would raise the four ... Feb 3, 2023 ... an itemized deduction on their federal income tax returns. The TCJA was passed in late 2017 and limited the SALT deduction to $10,000. The ... Oct 28, 2017 ... According to the Tax Foundation, nearly 90 percent of the value of the deduction goes to families making more than $100,000. Lawmakers, along ... Dec 10, 2022 ... Consistent with the SALT deduction limitation negatively affecting counties' expected future ability to raise more real estate tax revenues, we ... Jan 24, 2025 ... SALT Deduction: How to Write Off State and Local Tax · The state and local tax (SALT) deduction is a federal tax break that allows filers who ... Jan 29, 2021 ... "The SALT deduction is critical for local governments, preventing additional strain on millions of middle-class families and helping cities ... 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 ...