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Federal Legislation Likely Will Impact Giving

Federal Legislation Likely Will Impact Giving
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Can We Bid Farewell to the SALT Cap?

House Speaker Nancy Pelosi signals her support.
Relief may be in sight for residents of high-tax states (for example, New York, New Jersey and California) who were affected by the cap of $10,000 on the state and local tax (SALT) deduction that was imposed by the Tax Cuts and Job Act. Four states had even filed a court challenge to the SALT cap, but that challenge was dismissed by a federal district court.
At a news conference on April 1, House Speaker Nancy Pelosi indicated she would support a move to repeal the $10,000 cap in the infrastructure and social-spending program that Democrats are considering. ....

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