State Income Tax Deduction Limit Workaround Signed into Law in Illinois
SALT TAX WORKAROUND On August 27, Governor Pritzker signed into law Senate Bill 2531, which institutes a method for owners of Partnerships and S-Corporations (Pass Through Entities or PTE’s) to deduct income taxes beyond the Federal $10,000 limit for taxpayers who itemize deductions on their Form 1040. This workaround has also been instituted in many other states as …
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