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Our SALT Parity Campaign Back in the News

Richard Rubin is out with a new piece in the Wall Street Journal that highlights just how successful our SALT Parity efforts have been. The article centers on an upcoming Tax Policy Center analysis which finds these reforms save businesses $15-20 billion each year, double what the Journal estimated last year.

As longtime readers know, the 2017 Tax Cuts and Jobs Act (TCJA) imposed a $10,000 cap on the amount of state and local tax (SALT) deductions taxpayers can claim on their federal return. While C corporations were exempted from the cap, most pass-through businesses owners were subjected to

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2023-08-29T14:59:48+00:00August 29, 2023|

Reviewing the SALT Parity Landscape

Thanks to the efforts of S-Corp and our allies over the past five years, 31 states have adopted our SALT Parity reforms to date, with another half-dozen actively considering them. Those new laws have enabled pass-through businesses to save north of $10 billion each year, a figure that will only increase as more states and businesses embrace the approach.

As background, the 2017 Tax Cuts and Jobs Act subjected deductions on state and local taxes (SALT) on pass-through business income to

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2023-10-26T18:55:22+00:00March 23, 2023|

Your State Could Be Costing You Millions

To mark the five-year anniversary of the Tax Cuts and Jobs Act, Tax Notes recently released a podcast reflecting on the 2017 bill, with a focus on how states have responded to its $10,000 cap on state and local tax (SALT) deductions. It’s a great reminder of how much the S Corporation Association has helped accomplish in that time, the billions of dollars being saved by businesses each year, and the confounding fact that a dozen states are still missing out on these benefits.

For those new to the issue, the SALT cap put S corporations and partnerships at a

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2022-12-21T18:07:43+00:00December 20, 2022|

The $10 Billion Tax Cut No One’s Talking About

The Wall Street Journal’s Richard Rubin is out with a new piece that looks at our ongoing SALT Parity efforts, and the massive savings they’ve unlocked for hundreds of thousands of family businesses across the country.

Before getting to the good news, a quick primer for those new to the issue. The state and local tax (SALT) deduction cap imposed by the Tax Cuts and Jobs Act (TCJA) put S corporations and partnerships at a competitive disadvantage.  C corporations could continue to fully deduct their SALT as a business expense while

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2022-05-31T20:40:40+00:00May 31, 2022|

Virginia Unlocks Millions in SALT Parity Relief

With Tax Day just around the corner, we have some good news that should help ease the pain. Yesterday, Governor Glenn Youngkin signed HB 1121 into law, making Virginia the 25th state to adopt our SALT Parity reform. As a result, more than 200,000 Virginia S corporations and partnerships will have access to about $160 million in annual tax relief, starting with their 2021 returns.

As S-CORP readers know, the new cap on state and local tax (SALT) deductions does not apply evenly to all businesses.  C corporations may continue to deduct the full value of their SALT as a

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2022-04-12T17:11:09+00:00April 12, 2022|