SALT Parity

/SALT Parity

SALT Parity Update

Lots of progress on the SALT Parity front to report! As readers know, S-Corp and the Parity for Main Street Employers coalition has advocated for the restoration of the federal SALT deduction to businesses organized as S corporations, partnerships, and LLCs. In Minnesota, the House Tax Committee yesterday considered HF871, legislation introduced by Representative Greg Davids to enact our SALT Parity approach. The hearing featured supportive testimony from Beth Kadoun from the Minnesota Chamber of Commerce, Mike Hickey from the National Federation of Independent Business, and John Kammerer from Redpath and Company and the S Corporation Association. A companion bill ...

(Read More)

SALT Parity Update2020-03-06T19:33:31+00:00

Talking Taxes In a Truck Episode 2 – SALT Parity Update

Got some time waiting for that new Hillary Clinton podcast?  We've got you covered.  S-Corp President Brian Reardon talks pass-through SALT parity and the recent “Steiner” Utah Supreme Court decision with Bruce Ely, Partner and S corporation expert at the Bradley law firm in Birmingham Alabama.  Recorded on February 25, 2020 -- 19 minutes. You can access the podcast on Libsyn by clicking here.      

Talking Taxes In a Truck Episode 2 – SALT Parity Update2020-02-28T21:12:28+00:00

Main Street Responds to House SALT Bill

Yesterday, the Main Street Employers coalition sent a letter to House tax writers raising concerns with their plan to provide temporary relief from the SALT deduction cap by raising the top tax rate applied to pass-through business income. As the letter states: Individually and family owned businesses organized as S corporations, partnerships and sole proprietorships are the heart of the American economy. They employ the majority of workers, and they contribute the most to our national income. They also pay the majority of business taxes. A recent study by EY found that pass-through businesses pay 51 percent of all business ...

(Read More)

Main Street Responds to House SALT Bill2019-12-11T15:18:16+00:00

Progress on S-Corp SALT Parity Efforts

The House Select Revenue Subcommittee held a hearing today entitled “How Recent Limitations to the SALT Deduction Harm Communities, Schools, First Responders, and Housing Values.” Missing from the list are Main Street Employers, many of whom lost the ability to deduct the State and local taxes they pay on their business income. That’s because tax reform subjected deductions on state and local taxes (SALT) paid by pass-through business owners to the same $10,000 cap as taxes paid on wages and property.  Taxes paid by the business entities themselves, like C corporations, remain fully deductible. Since most states tax pass-through businesses ...

(Read More)

Progress on S-Corp SALT Parity Efforts2019-06-25T21:54:41+00:00