SALT cap workaround ShutterstockAre you disenfranchised from state and local tax deductions because you exceed the SALT cap of $10,000 per year? Seventeen states have enacted SALT cap workaround laws, and several others are working towards enactment. These SALT cap workaround laws don’t significantly impact state revenues and incentivize entrepreneurs to remain in their state. California’s new law automatically repeals its SALT cap workaround if Congress repeals the SALT cap limitation. For details on California and several other state laws, see ongoing updates to my June 22, 2021 blog post, Unlock State & Local Tax Deductions With A SALT Cap Workaround.

Source: Forbes August 03, 2021 14:37 UTC