SALT deduction

GFOA will be launching a new online learning-management system by the end of the year to connect its members.

The Institute on Taxation and Economic Policy in Washington as well as Americans United for Separation of Church and State are objecting to that aspect of the proposed IRS regulation.

Another round of tax legislation is not expected to emerge until the very end of the year after the presidential election or in 2021 after a new Congress is sworn in.

The legislation, which would make tax-exempt municipal bonds more attractive for high-income income retail customers, has no chance of becoming law.

The additional revenue from permanently increasing the top individual tax rate to 39.6% from the current 37% would help pay for a temporary two-year suspension of the SALT cap.

The $10,000 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.

Richard Taormina, head of Tax Aware Strategies at JPMorgan Asset Management, talks about the value of municipal bonds and focuses on performance, foreign demand and the effect of the tax reform legislation on the market. Chip Barnett hosts this podcast, which was recorded in early October.

Kenneth Potts, senior vice president and portfolio manager at Fiera Capital, checks in on the state of the municipal bond market. He talks about the effect of the SALT deduction on high-tax states and supply and demand factors in this podcast recorded in September. Chip Barnett hosts.

The first opportunity for repeal of the SALT cap prior to its December 2025 sunset date would be in early 2021 if Democrats can gain majority control of both chambers of Congress as well as the White House in the November 2020 election.

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.

The household sector owned 42.2% of the nation’s $3.83 trillion in municipal securities in the second and third quarters of 2018, according to Federal Reserve data.