The proposed Build Back Better Plan (BBB) which is currently with the Senate, takes a step toward addressing the much talked about state and local income tax deduction, better known as SALT. When the Tax Cut Jobs Act was passed, SALT was capped at $10,000. This impacted high income tax states like New York and California. Now, the proposes to increase the amount from $10,000 to $80,000. The Senate will likely change this.
Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult a tax, legal and accounting advisors before engaging in any transaction or submitting any IRS form.
Ramin Mohammad
Ramin Mohammad is a lawyer and CPA with over 15 years of experience including working in audits, teaching, and in big law. Ramin helps clients on both personal and business related tax issues ranging from a multitude of practice areas including tax structuring, planning and cross jurisdictional taxes. His client-base expands throughout the US and overseas offering tax consulting, tax planning and tax preparation.
