NJ Taxpayers Will Face TCJA Consequences After Tax Day
Law360 (April 15, 2019, 6:02 PM EDT) -- The effects of the federal Tax Cuts and Jobs Act of 2017 are being felt by both individual and business taxpayers for the first time this tax season.
This article, the first in a monthly series on New Jersey state tax developments, summarizes TCJA's impact on New Jersey taxpayers.
SALT Deduction Cap and State Workaround Efforts
While the TCJA has reduced overall individual tax rates, the most significant change negatively affecting individual taxpayers is the new $10,000 limit on the deduction for state and local income, sales and property taxes paid, collectively as SALT. This provision in the TCJA significantly impacts...
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