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Ever since the 2017 tax reform law capped the deduction for state and local taxes (SALT) at $10,000, states have been proposing workarounds to the federal limit. The limit only applies to individual taxpayers, putting pass-through businesses at a disadvantage to C corporations.
Two states, New Jersey and Connecticut, enacted an entity-level tax on pass-through entities, with a corresponding state tax credit to its owners.
The IRS issued a notice on November 9 that it will allow this entity-level SALT workaround in forthcoming regulations.
The IRS notice may lead other states to enact similar laws.
Pass-through businesses are common real estate structures that include partnerships, S corporations and LLCs. The income from these businesses passes through to the owner’s individual tax return, rather than being taxed at the entity level.