Senate GOP Passes Amendment to Repeal State and Local Tax Deduction
Posted on Oct 20, 2017 in News, State and Local Tax
With a 52-47 vote, Senate Republicans passed an amendment to the budget resolution to repeal the state and local tax deduction, which allows federal filers to deduct taxes paid for their real estate, personal property, state income, and sales taxes. The measure is expected to raise $1.3 trillion over the next ten years. Opponents of the move are critical of the fact that only individual filers are affected, and that corporations will still be allowed to take advantage of the deduction.