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.

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.

Officials say California revenues may rebound after coming in $2.3 billion shy of Gov. Gavin Newsom's budget plan in December and January.

A sharp drop in New York State income tax collections will force revisions to Gov. Andrew Cuomo’s $175.2 billion budget proposal unveiled.

SALT deduction limitations have heightened sensitivity to the property tax, an issue both complicated and visceral. Paul Burton and John Hallacy host.

Emily Brock, director of GFOA’s federal liaison center, said restoration of advance refundings and increasing the limit on bank qualified debt to $30 million also are among the legislative priorities for 2019.

Rep. Richard Neal, D-Mass., has pledged to ask mayors, governors and other municipal market advocates to testify at hearings early in 2019.

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.