SALT deduction

Advance refunding, SALT, and the possibility of Low Income Housing Tax Credit all have at least some chance of a day in the sun in late 2024.

Rep. Jim Jordan, R-Ohio, has endorsed a plan that would raise the state and local tax deduction limit to $20,000 for single filers and $40,000 for couples.

New data indicates residents in high tax states are not moving to cut their tax liability.

Adjusting the deduction cap for state and local taxes is not included in latest proposals, though advocates for that measure remain hopeful.

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 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.

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The SALT deduction cap could be increased, suspended or repealed.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

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.

The incoming Biden administration last week proposed direct federal aid of $350 billion to state and local governments as part of a proposed $1.9 trillion coronavirus relief bill.