SALT deduction

Four states in the eastern U.S. lost a legal challenge to a provision of the 2017 law that limited write-offs for state and local taxe

The lawsuits were filed a day after 11 Democrats in the Senate and a bipartisan group of 47 House lawmakers announced a long-shot effort to repeal the regulation using the Congressional Review Act.

The IRS regulation is targeted at ending workarounds by state and local governments that have been enacted since the cap was included in the 2017 Tax Cuts and Jobs Act.

Complaints that the SALT deduction only benefits the wealthy ignore its positive effects on school district finances.

Upper Arlington Schools District Superintendent Dr. Paul Imhoff said an upcoming vote on an operating levy will be harder to secure.

The limit on the SALT deduction caused an estimated 10.88 million individual taxpayers to lose $323.1 billion in tax deductions for the 2018 tax year, the Treasury Inspector General for Tax Administration reported in February.

The Treasury and Internal Revenue Service sent the final regulation to the White House Office of Management and Budget over six weeks ago.

Fiona Ma has been pushing the state's bond team to explore refundings and to sell new money bonds while rates remain low.

Refundings of recession-era stimulus bonds are driving California's robust sales volume.

The cap, repeal of which is a priority for state and local groups, will affect nearly 11 million taxpayers, an audit found.