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Foster Garvey PC

One Big Beautiful Bill Act, H.R. 1 – 119th Congress (2025-2026): Part I – The SALT Deduction

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On July 1, 2025, the One Big Beautiful Bill Act, H.R.1 – 199th Congress (2025-2026) (the “Act”) was passed in the U.S. Senate (“Senate”). On July 3, 2025, it was passed in the U.S. House of Representatives (“House”) and...more

A&O Shearman

Summary of key provisions in House reconciliation bill

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On May 22, 2025, the U.S. House of Representatives narrowly passed the House budget reconciliation bill (H.R. 1) (the “House Bill”) by a party-line vote of 215 – 214. The House Bill, which includes significant tax law...more

Bilzin Sumberg

Moving to the Sunshine State: Change of Domicile Planning Considerations

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Florida has long been known as a hot-spot for retirees and snowbirds to move for its sunny weather and beautiful beaches. In recent years, however, since the "SALT Deduction Cap" established by the 2017 Tax Cuts and Jobs Act...more

Morgan Lewis

NJ Enacts Elective Pass-Through Business Tax to Limit Federal Cap Impact on SALT Deduction

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New Jersey recently enacted the “Pass-Through Business Alternative Income Tax Act,” which allows pass-through businesses with at least one member liable for the New Jersey gross income tax to make an election to pay income...more

Ballard Spahr LLP

IRS Finalizes Regulations Disallowing Workarounds for State and Local Taxes

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The IRS recently published Final Regulations and Notice 2019-12 largely blocking state efforts to circumvent limitations on deductions for state and local taxes. (See our alert on the Proposed Regulations, issued in August...more

Cole Schotz

Can Snowbirds Avoid A SALTY Avalanche? Considerations For Changing Residency To The Sunshine State

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There have been sweeping changes to both the federal and New Jersey tax laws for the first half of 2018. At the federal level, the elimination of the state and local tax (SALT) deduction, which for decades allowed people to...more

Fox Rothschild LLP

Four States File Lawsuit Seeking To Invalidate New Federal Cap On State And Local Tax Deduction

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The States of New York, Connecticut, Maryland, and New Jersey filed a federal court lawsuit this week challenging the constitutionality of the new $10,000 cap on the federal tax deduction for state and local taxes (SALT). The...more

Skadden, Arps, Slate, Meagher & Flom LLP

US Tax Reform Update: Early Impact and Trends

Six months after the most significant U.S. tax reform legislation since 1986 was signed into law, it is still too early to predict the long-term effects. A number of technical uncertainties remain, and taxpayers are...more

Bond Schoeneck & King PLLC

Uncertainty Surrounding SALT Deduction Workarounds

In the wake of federal tax reform, i.e., the passage of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”), specifically, the new $10,000 cap on itemized deductions for state and local taxes (i.e., SALT deductions), several...more

Skadden, Arps, Slate, Meagher & Flom LLP

New York State Responds to Federal Tax Reform

On March 30, 2018, the New York Legislature passed the 2018–2019 Budget Bill (SB. 7509-C/A 9509-C) (Budget Bill), which addresses several provisions of the newly enacted Tax Cuts and Jobs Act (P.L. 115-97) (TCJA) and...more

McDermott Will & Schulte

Charitable Funds and the Disallowance of Federal Income Tax Deductions for State and Local Taxes

The 2017 Federal Tax Reform Act contains a provision that generally limits the annual income tax deduction for state and local income and property taxes to $10,000. In reaction to this, states and localities have been...more

Fox Rothschild LLP

Changes For Individuals In New Federal Tax Law

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The Tax Cuts and Jobs Act, enacted in December 2017, is the most significant change to the U.S. Tax Code since 1986 and dramatically alters the tax landscape for individuals. A number of changes take effect this year, while...more

Foster Garvey PC

Decoding the Tax Cuts and Jobs Act – Part VII: Family Matters and Major Events in the Lives of Individuals

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The Tax Cuts and Jobs Act (“TCJA”) creates the need for tax planning with respect to several major life-changing activities individuals may encounter, including marriage, divorce, home ownership, casualty losses, medical...more

Alston & Bird

Georgia Proposes Response to Federal Tax Reform

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Almost two months since the President signed the Tax Cuts and Jobs Act (TCJA) into law, state legislators across the country are still evaluating the federal tax law’s effects on state revenues and whether to amend state law...more

Blank Rome LLP

Individual Tax Reform under the New Tax Law

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On December 20, 2017, Congress passed its comprehensive tax reform bill, the Tax Cuts and Jobs Act (“the Act” or “the Bill”), which was signed into law by President Trump on December 22, 2017. The Bill represents one of the...more

Roetzel & Andress

New Tax Changes: The Tax Cuts And Jobs Act

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The Tax Cuts and Jobs Act (“Act”) (P.L. 115-97) signed into law by President Trump on December 22, 2017 and effective for tax years starting January 1, 2018 reflects a compromise between the House and Senate Bills as...more

Fox Rothschild LLP

Tax Reform Is Going To Yield Some Real Estate “Blues”

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Lots of electronic ink has been spilled this week on winners and losers coming out of the Tax Reform Act passed on December 20. Much of this is fairly speculative but some is simply common sense....more

Jaburg Wilk

10 Steps to Take Now to Minimize Taxes under the New Tax Law

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The overhaul of the Internal Revenue Code was passed by Congress on December 21, 2017 and signed into law by the President. Many changes become effective January 1, 2018. Although 2017 is almost over, the following are some...more

Akerman LLP

Tax Reform: With Massive Overhaul Now Law, Prepayment Of 2018 Property Tax May Benefit New York Property Owners

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On December 22, 2017, President Donald J. Trump signed the Tax Cuts and Jobs Act (Act), which beginning in 2018 caps at $10,000 the allowable deduction for payment of state and local income, sales, and property taxes. While...more

Fox Rothschild LLP

The Tax Cuts And Jobs Act’s Impact On Domestic M&A Transactions

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The Tax Cuts and Jobs Act, enacted on December 22, 2017, contains several provisions that significantly affect the federal income tax consequences of structures often used in domestic M&A transactions. While some are...more

Baker Donelson

Congress Passes GOP Tax Overhaul Legislation

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Congress has now approved the final version of the Tax Cuts and Jobs Act (H.R. 1) on a party-line vote (51-48 Senate, 224-201 House), sending the GOP tax overhaul to President Donald Trump to be signed into law. The...more

Ballard Spahr LLP

The Final Tax Bill: A Thoughtful Analysis

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Earlier yesterday, both the House and the Senate passed the Tax Cuts and Jobs Act of 2017 (the final bill). With the signature of President Donald J. Trump, it will become law. The tax legislation represents the biggest...more

Bradley Arant Boult Cummings LLP

“Tax Cuts and Jobs Act”

The “Tax Cuts and Jobs Act” has passed both chambers of Congress and is expected to be signed by President Trump soon. Details of the final agreement among House and Senate Republicans include rate cuts for “C” corporations,...more

Kelley Drye & Warren LLP

Tax Cuts and Jobs Act – Final Legislation

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The U.S. Senate and the House of Representatives have just passed the “Tax Cuts and Jobs Act” (the “Act"). President Trump is expected to sign the bill into law later this week. Once enacted, the Act will be the most...more

Cooley LLP

Alert: Analysis of the Final Tax Reform Bill

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On December 15, 2017, the Conference Committee released the final legislative text of HR 1, entitled "An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year...more

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