IRS Notice 2020-75 SALT Deduction Limits - Spidell

IRS Notice 2020-75 SALT Deduction Limits

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Message Board IRS Notice 2020-75 SALT Deduction Limits

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    • #279738
      Anonymous
      Member

      Does California has anything in the works to take advantage of this?

    • #279801
      Lynn Freer
      Participant

      CA doesn’t conform to the SALT limitation so you can take more than $10,000 for individuals and for businesses you can’t deduct state tax.

    • #279810
      Mark Bole
      Participant

      I’m pretty sure the question is about federal tax, not state.  What is being asked is, will CA enact any mandatory or voluntary business taxes  for S-corps and partnerships, which the business can deduct for federal purposes regardless of SALT limit (what the notice states), and along with that, will CA allow the owners of these pass-through businesses a state tax credit or deduction to offset the tax paid by the business?  Some states have such laws, but not (yet) California.

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