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State and Local Tax (SALT) Deduction Limits Under Tax Reform

Gain a better understanding on how to mitigate the impact of the tax reform law limitation on the deductibility of state and local taxes on a taxpayer's federal income tax return.

This material examines the impact of the SALT deduction limitation under the Tax Cuts and Jobs Act (TCJA) at both the state and individual level. It will examine how states expect the limitation to impact their budgets as well as steps state legislatures and taxing authorities have taken in response, and look at the response at the individual level. How are residents of high-tax states affected by the SALT deduction limitation and what are they doing in response? Will we see a significant out-migration from high tax states? With this topic, practitioners and others will keep up-to-date on the effects of the TCJA at the state level and understand how states have responded. You will be able to identify what steps are effective for individuals who want to change their residency in reaction to the SALT deduction limitation.

Runtime: 101 minutes
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Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

What Is the Salt Deduction and How Did It Change With the TCJA?

The Impact of the Salt Deduction Limitation on the States and Individuals

  • Does the Limitation Affect State Taxes and Budgets?
  • Who Is Affected by the Limitation and How?

Reactions at the State Level

  • Salt Deduction Work-Arounds
  • New Entity Level Taxes: New York's Employer Compensation Expense Tax, Connecticut's Pass-Through Entity Tax and Others
  • Other State Reactions
  • Is the Limitation Constitutional?

Reactions at the Individual Level: Should I Change My Residency to a Low Tax/No Tax State?

  • How Do States Tax Individuals as Residents: Domicile vs. Statutory Residency
  • What Does It Mean to Change My Residency?
  • Will My High-Tax State Let Me Leave?
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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on July 18, 2019.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Elizabeth Pascal

Elizabeth Pascal

Hodgson Russ LLP

  • Partner with Hodgson Russ LLP in its premier State and Local Tax (SALT) practice, focusing on New York State, New York City, Connecticut, and multistate tax issues
  • Represented numerous clients through state tax audits, with an emphasis on residency issues, employment taxes, and corporate and pass-through entity tax matters
  • Presented at numerous seminars and webinars on diverse state tax topics, including residency and nonresident allocation, telecommuting tax traps, multistate apportionment, as well as the state tax impact of the TCJA
  • Contributing author to the CCH Residency and Allocation Audit Handbook and Bloomberg BNA New York Corporate Income Tax Navigator, has published numerous articles in State Tax Notes, TaxStringer, and Tax Analysts, and is a frequent contributor to Noonan’s Notes blog
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Product ID: 405857
Published 2019
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