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Treasury To Weigh In On States' SALT Cap Workarounds

Law360 (May 23, 2018, 2:46 PM EDT) -- The U.S. Department of the Treasury signaled Wednesday that it may curb state governments’ attempts to circumvent the new federal tax law’s $10,000 cap on state and local tax deductions.

In response to state efforts aimed at granting taxpayers a credit against state or local taxes paid, Treasury and the Internal Revenue Service warned taxpayers in a notice that federal law controls how payments can be characterized for federal income tax purposes.

“The Treasury Department and the IRS intend to propose regulations addressing the federal income...
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