Scotus Swats Away Salt Cap Challenge That Limits Tax Deductions In New York Maryland
The Supreme Court on Monday rejected several state appeals that challenged the congressional ceiling on state and local taxes that can be deducted from federal taxable income. New York has led a team including Connecticut, New Jersey and Maryland to work to eliminate the 2017 limit known as the SALT cap, which limits people to $ 10,000 of deductible state and local property and income taxes. The states argued that the ceiling inappropriately violated the fiscal capacity of states....