Democrats said the $10,000 limit on SALT deductions is unfair to states like Connecticut, while Republicans argued unlimited deductibility would only help the very rich.
SALT taxes
Posted inPolitics
Lamont joins other govs in D.C., plans to skip Trump dinner
At the National Governor’s Association gathering, Lamont joins other Democrats in opposition to the current limit on the deductibility of state and local taxes.
Posted inMoney
IRS to crack down on Connecticut tax workaround
WASHINGTON – The Internal Revenue Service and the Treasury Department said Wednesday they intend to issue regulations to rein in an attempt by Connecticut and other states to get around a new limitation on the deductibility of state and local taxes.
Posted inMoney
Connecticut’s attempt to safeguard federal deductions may draw IRS heat
WASHINGTON – Fairfield First Selectman Mike Tetreau hopes to take advantage of a new state law aimed at blunting the impact on his town’s residents of a new cap on certain federal tax deductions. But the bold step the state has taken may face push-back from the IRS.
Posted inMoney, Politics
CT joins other ‘blue’ states in looking to skirt new tax law
WASHINGTON – “Blue” states like Connecticut that say they were targeted in the GOP’s federal tax overhaul are looking for ways to protect their residents from the negative impact of the new cap on the deductibility of state and local taxes.
Posted inMoney, Politics
Final tax bill improves outlook for CT homeowners, students
WASHINGTON — As House and Senate negotiators of a final tax bill worked to finish the plan Thursday, changes were made that could help Connecticut homeowners and students. A final bill would allow greater deductibililty of state and property taxers and restores some tax breaks for students lost in earlier versions of the bill.