Source: Long Island Business News —
The Long Island real estate industry joined business and trade groups in praising the inclusion of an increase in the controversial SALT cap in the Build Back Better legislation passed by the U.S. House of Representatives last week.
After months of negotiations, the $10,000 cap on state and local tax deductions that had been imposed as part of the federal Tax Cuts and Jobs Act in 2017 would be increased to $80,000 if the proposed Build Back Better bill is passed by the Senate.
If the bill is adopted, the increase of the SALT cap would last through 2030, then revert to $10,000 in 2031 before being entirely phased out.
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