Income taxes

If the workarounds states are using by creating charitable foundations as a way to pay property taxes or state and local income taxes are legal, Suffolk County Executive Steven Bellone said it’s up to Congress to decide whether to end them.

Most state and local governments are concerned the ceiling will make it harder to raise taxes to pay for public services and infrastructure.

County Executive Steven Bellone of Suffolk County, N.Y. is among those who have asked to speak at a Nov. 5 public hearing.

Thursday is the deadline for sending comments to the IRS on its proposal to prevent taxpayers from avoiding the $10,000 federal cap on state and local tax deductions that Congress enacted last December.

Salt Lake City will bring $875 million of revenue bonds this month for its airport.

The Protecting Family and Small Business Tax Cuts Act of 2018 which passed 220 to 191 isn’t expected to become law because the Senate won’t consider it this year.

The threat of lower tax revenues after the IRS denied the SALT tax workaround isn’t the only worry.

House Republicans want to make permanent the $10,000 cap on state and local tax deductions and the lower tax rates for individuals, both of which are due to expire at the end of 2025.

The report found that 61% of the 341 finance officers who participated in the survey anticipate negative future impacts on their city's financial health from the termination of advance refundings, while 35% said they already have seen negative impacts.

New York Gov. Andrew Cuomo sent letters to the Internal Revenue Service and to Treasury's Inspector General for Tax Administration threatening litigation and and asking for a probe of alleged undue political interference.

Passage of tax legislation in the Senate would require a 60-vote supermajority because the legislation would add to the already burgeoning federal deficit.

The Tax Reform 2.0 legislation includes a permanent cap on the deduction for state and local taxes as well as a higher threshold for the alternative minimum tax.

The bill would make permanent the lower tax rates for individuals and small businesses and the $10,000 federal cap on state and local tax deductions.

The proposed Treasury rules would limit states' use of charitable deductions as workarounds for the $10,000 cap on the federal deduction for state and local taxes.

The Trump administration’s effort to publish a proposed rule comes just over two months after the IRS announced May 23 it was working on the regulations to enforce the $10,000 cap on what previously was an unlimited personal deduction of state and local taxes, also known as SALT.

California reported an $8.5 billion surplus in the budget passed last month.

Eric Papenfuse called for a hiring freeze and renewed scrutiny for all non-essential spending after the state budget did not give him the taxing flexibility he seeks.

Personal income tax and corporation tax receipts exceeded estimates by 16.9% and 62.1% respectively.

The governor wants to neutralize the effects of the new law to make it revenue-neutral for the state government.

The organization New Jersey Policy Perspective issued the report.