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Local Taxes

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BATON ROUGE, La. (AP) — Talk of “tax reform” has returned to the Louisiana Capitol, with the House and Senate’s Republican leaders making it their central push for the two-month legislative session starting Monday. But reform means different things to different people, and reaching a deal is tricky at best.

FLAGSTAFF, Ariz. (AP) — Flagstaff local Stewart Weinstein ordered an all-electric vehicle to be environmentally friendly, but now says the unexpected financial perks of his purchase have already piled up -- before even driving his new car off the lot.

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OMAHA, Neb. (AP) — Local governments that want to get a boost in property tax revenue would have to send postcards to notify all of their taxpayers and hold a standalone public hearing where residents could voice their opinion under a bill backed by Nebraska lawmakers.

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Seven Democratic governors on Friday called on President Joe Biden to lift the $10,000 cap on state and local tax deductions that was a part of former President Donald Trump's massive 2017 tax law, arguing the “assault” disproportionately targeted Democratic-run states and ultimately increased taxes on families.

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FRANKFORT, Ky. (AP) — Kentucky lawmakers passed last-minute spending plans Tuesday to pump money into full-day kindergarten and water projects and to pay off unemployment insurance debts as big-ticket budget items won broad support on the final day of this year's legislative session.

OMAHA, Neb. (AP) — Cities that reap millions of dollars in tax revenue from keno bets implored Nebraska lawmakers on Monday to let people play the game on their mobile phones to help bars and keno parlors compete with new casinos slated to open next year.

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DETROIT (AP) — A billionaire businessman whose companies have invigorated Detroit's downtown announced a $500 million fund to improve neighborhoods on Thursday, starting with $15 million that will pay off the property tax debt of 20,000 of the city’s poorest homeowners.

MoneyTips

One of the most controversial provisions of the 2017 Tax Cuts and Jobs Act (TCJA) was the limit it placed on state and local tax (SALT) deductions. The TCJA capped the deduction on combined payments for state and local property, sales, and income taxes at $10,000 beginning in the 2018 tax year.

According to the Joint Committee on Taxation, the SALT deduction cost the government $100.9 billion in potential 2017 tax revenue. The estimated SALT deduction costs for 2020 dropped to $24.443.1 billion. It's a large part of the tax revenue increase that paid for the corresponding tax cuts.

Many taxpayers won't be affected by the SALT changes. However, people in states with high taxes and high property values can easily reach $10,000 from either property taxes or state taxes alone.

How do you know if you'll be affected? Check Schedule A on last year's tax return. If you entered more than $10,000 on line 5d and your tax status hasn't significantly changed, you'll...

Pack Your Bags And Save Thousands On Taxes

How the Tax Cut Bill Is Raising Your State Taxes

Best And Worst States For The New Tax Law

  • Updated

MoneyTips

One of the most controversial provisions of the 2017 Tax Cuts and Jobs Act (TCJA) was the limit it placed on state and local tax (SALT) deductions. The TCJA capped the deduction on combined payments for state and local property, sales, and income taxes at $10,000 beginning in the 2018 tax year.

According to the Joint Committee on Taxation, the SALT deduction cost the government $100.9 billion in potential 2017 tax revenue. The estimated SALT deduction costs for 2020 dropped to $24.443.1 billion. It's a large part of the tax revenue increase that paid for the corresponding tax cuts.

Many taxpayers won't be affected by the SALT changes. However, people in states with high taxes and high property values can easily reach $10,000 from either property taxes or state taxes alone.

How do you know if you'll be affected? Check Schedule A on last year's tax return. If you entered more than $10,000 on line 5d and your tax status hasn't significantly changed, you'll...

Pack Your Bags And Save Thousands On Taxes

How the Tax Cut Bill Is Raising Your State Taxes

Best And Worst States For The New Tax Law

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