Page 21 - Tax reforms - Individuals

State and Local Income Tax (5/9)

SALT

The deductibility of state and local

tax payments for federal income
tax purposes is now limited to
$10,000 a calendar year.

A taxpayer who makes payments

or transfers property to an entity
eligible to receive tax deductible
contributions must reduce their

charitable deduction by the
amount of any state or local tax

credit the taxpayer receives or
expects to receive.

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