Illinois Tax

State Income Tax Deduction Limit Workaround Signed into Law in Illinois

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

State Income Tax Deduction Limit Workaround Signed into Law in Illinois Read More »