Treasury moves to block states' attempts to bypass limit on SALT deductions: WSJ
The Treasury Department moved Thursday to block attempts by New York, New Jersey and Connecticut to allow taxpayers to circumvent the new $10,000 cap on state and local tax deductions, The Wall Street Journal reported. Treasury's proposal requires taxpayers to subtract the value of any state and local tax credits from their federal charitable deductions, the Journal said. New York, New Jersey and Connecticut have all passed laws allowing credit-for-donation programs to circumvent the cap.
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