INSIGHT: IRS Proposed Regulations Nullify $10,000 Annual SALT Limitation Workaround Attempts by States and Political Subdivisions - Bloomberg Tax, Daily Tax Report

In Bloomberg Law's Daily Tax Report, Richard Fox, shareholder in the firm's Tax section, discusses the proposed IRS regulations to neutralize state and local workarounds for the $10,000 limitation on the state and local tax deduction enacted in the 2017 new law. He concludes that the proposed regulations would nullify the legislative attempts but also threaten long-standing state and local tax credit programs that encourage donations to charitable and educational institutions.

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