Limiting state and local tax deductions to hurt 11 million taxpayers, government report shows

Limits on state and local deductions to hurt 11 mln taxpayers: government report

Getty Images U.S. Treasury Secretary Steven Mnuchin The cap of $10,000 was brought in as part of the Tax Cuts and Jobs Act, and primarily impacts payers in higher-tax states in California and the Northeast. The audit, conducted by the Treasury Inspector General for Tax Administration, is the full version of a redacted report that had been released on Tuesday.

Chief Counsel and Treasury meet to discuss a strategy for upcoming guidance 1/24/18: Chief Counsel officially establishes a proposed guidance project to determine what type of guidance should be issued. 2/15/18: The Acting IRS Commissioner meets with several members of Congress to discuss the SALT limitation. Chief Counsel briefs Treasury officials. 3/08/18: The Acting IRS Commissioner, Chief Counsel, and Treasury agree that the IRS should quickly issue a notice or announcement.

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