Web26 aug. 2024 · Other states that have acted to provide a PTE SALT deduction workaround include Alabama, Arizona, Arkansas, California, Colorado, Georgia, Idaho, Louisiana, Minnesota and South Carolina. The Illinois legislature has also passed legislation, but as of this writing, it had not yet been signed by the governor. Web12 okt. 2024 · IRS response to SALT cap workarounds. Even as states were signing SALT cap workarounds into law, the IRS was hard at work on regulations aiming to end this legislative wrangling. In May 2024, it released Notice 2024-54 to warn that new rules would be forthcoming in response to state efforts to thwart the $10,000 limit.
New Illinois PTE Tax Offers SALT Cap Relief: What Business ... - CJBS
WebEffective for tax years 2024-2025, the Small Business Relief Act provisions of A.B. 150 allow passthrough entities – including partnerships, limited partnerships, LLCs and S Corporations – to get around the $10,000 limitation on SALT by permitting them to pay tax on its income at a 9.3% rate, which is then taken as a deduction on the entity’s … Web1 mrt. 2024 · Background on the PTET Workaround for the SALT Cap. Immediately after 2024, states began considering modifications to their tax laws so that new types of state taxes would not be subject to the SALT cap. In 2024, Connecticut enacted a mandatory PTET on all entities taxed as partnerships and S corporations. john s freedman md john street thornhill on
Unlock State & Local Tax Deductions With A SALT Cap Workaround
Web22 jul. 2024 · A growing number of states are offering pass-through business owners a workaround for the $10,000 federal deduction limit for state and local taxes, known as … WebLaw360 (August 27, 2024, 7:24 PM EDT) -- Illinois joined the bandwagon of states offering entity-level taxes for pass-through business owners as a workaround to the $10,000 federal cap on state ... WebIllinois SALT Cap Workaround On August 27, 2024 Governor Pritzker has signed into law the Optional Pass-Through Entity Tax. This legislation provides owners of partnerships … john sforza waltham ma