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Recent Editions
Accountancy Slice
North America
With the $10,000 state and local tax (SALT) cap set to expire, states have less than two years to take advantage of pass-through entity (PTE) tax benefits, warns Luke Lucas, associate director of state and local tax services with Berkowitz Pollack Brant. The tax workaround, adopted by 36 states and New York City, presents an opportunity for both states and taxpayers. After the SALT cap went into effect, states sought relief for their taxpayers. The most acceptable workaround was a PTE tax introduced in Connecticut. Legislators in many states quickly enacted their own version of a PTE tax. The Pennsylvania Department of Revenue opposes a PTE tax election due to fiscal impact and timing issues. However, the state has the flexibility to address these challenges. States decoupling from Section 164(a)(3) of the Internal Revenue Code could break even from a revenue standpoint. Providing federal tax savings opportunities could prevent a state's tax base from relocating. It's important for states to act fast to maximize tax benefits before the deadline.
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