Income taxes

Lawmakers are re-introducing legislation to repeal the deduction cap on state and local taxes

Sen. Susan Collins introduced the SALT Deduction Fairness Act last week, the latest effort to restore a full income tax deduction for state and local taxes.

The state approved further cuts next year with provisions for possible additional cuts annually, starting in 2025, paving the way for the elimination of the personal income tax.

The bill, introduced in the House by Rep. George Santos, R-NY, is one of three currently circling around Congress that would lift the state and local tax deduction.

The issue is important to lawmakers in high-tax states, and is also important to municipal issuers in those places who have said the cap infringes on their fiancial sovereignty.

"Now our state is blessed with an opportunity for prosperity and growth unlike any before in our history," said Jim Justice.

The "no SALT no deal" Democrats appear ready to support the compromise reconciliation package negotiated in the Senate.

The bill from Chuck Grassley and other Senate Republicans would extend the $10,000 cap on the state and local tax deduction for federal income tax filers.

Sponsors of the Supporting American with Lower Taxes Act see it as a potential compromise on the contentious state and local tax deduction cap issue.

Democrat-leaning states argue that the $10,000 SALT cap deduction is politically motivated and violates the U.S. Constitution.

President Joe Biden's $1.7 trillion bill passed the House after months of debate and without any of the municipal bond market's priorities.

The Build Back Better reconciliation bill would raise the SALT cap to $80,000 from $10,000, and that impact varies widely from state to state.

Two major pieces of President Joe Biden's domestic agenda, which carry implications for the municipal bond market, advanced in the House Friday.

The SALT deduction cap could be increased, suspended or repealed.

SALT relief was not part of the initial language in the reconciliation bill, but several moderate Democrats say they won't support the legislation without it.

In the first quarter of 2021, state personal income rose by 14.4%, the largest year-over-year increase since reporting began in 1948.

The future is looking up for Salt Lake City International Airport as it continues redevelopment with $900 million of revenue bonds.

The Biden administration wants to increase IRS funding for enforcement to close the gap between taxes owed and taxes that are paid.

Three House Democrats say they won’t support tax hikes unless the Biden tax plan includes a repeal of the $10,000 cap on state and local tax deductions.

Because the IRS changed filing dates for income tax returns as a result of the coronoavirus , Georgia's net tax collections surged 42% last month.