State and Local Tax Deduction Presents a Potential Roadblock to Tax Reform
Posted on Oct 25, 2017 in News, State and Local Tax
Republican leaders are counting on a swift vote on the budget in order to meet their end-of-year deadline for passing tax reform. However, House Republicans from high-tax states like New York, California, Illinois, and New Jersey indicated that they might not vote to pass the budget on Thursday unless they receive a guarantee that tax reform will not eliminate the State and Local Tax (SALT) deduction. Ways and Means Committee Chairman Kevin Brady still believes that there will be enough votes to pass the budget and that the concerns related to the SALT deduction will be addressed before the bill is released next week.
Read More: Republican group threatens to block budget over tax deduction fight