A new provision in the House tax plan would significantly increase the State and Local Tax (SALT) deduction cap from the ...

The SALT deduction allows taxpayers who itemize their federal returns to deduct certain taxes paid to state and local ...

Under the proposal, the SALT deduction cap would rise from $10,000 to $40,000 beginning in 2025. The cap would increase to $40,400 in 2026 and would continue to rise by 1% per year through 2029.

In Brief: Long Island has battled SALT deduction threats since Reagan’s 1985 proposal; Economist Martin Cantor warns today’s proposals echo past harm to NY’s middle class; Loss of SALT ...