Salt Tax Cap Update 2025 Schedule

Salt Tax Cap Update 2025 Schedule. Lawmakers face a critical decision: The salt deduction allows taxpayers to deduct state and local taxes paid from their federally taxable income, however the 2017 tax cuts and jobs act (tcja) capped the deduction at.

Ted peterson of the university of north texas ryan college of business discusses the salt deduction cap and its potential paths forward as the 2025 sunset date approaches. The cap — which republicans passed as part of their 2017 tax law and will expire at the end of the year unless congress acts — represents a huge tax increase for many people.