The Joint Committee on Taxation has released a detailed publication regarding limits on state and local taxes. The introduction to this publication is as follows:
The Subcommittee on Select Revenue Measures of the House Committee on Ways and Means has scheduled a hearing on June 25, 2019, regarding limitations to the itemized deduction for State and local taxes.1
This document provides an overview of present and prior law treatment of State and local taxes, a summary of recently released regulations and other guidance relevant to the present law treatment of State and local taxes, data on State and local revenues and expenditures, Joint Committee staff estimates of the number of taxpayers and size of benefits resulting from the deduction for State and local taxes, and a discussion of the deduction.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal..
