The House passed legislation this week that would help businesses that would be harmed under 2017 federal tax changes. The change places a $10,000 cap on the amount of state and local taxes paid that can be deducted from federal taxes. However, this only applies to S Corporations, partnerships, and limited liability companies. The legislation allows these businesses to fully deduct the taxes, which provides parity with C-Corporations who weren’t impacted by the federal change. Thus far, seven other states have passed similar legislation and ten other states are working towards similar changes. The bill will be sent to the Senate for consideration.
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