August 23, 2018 / 8:45 PM / 3 months ago

U.S. Treasury proposes rule to enforce cap on state and local tax deduction

WASHINGTON, Aug 23 (Reuters) - The U.S. Treasury Department and Internal Revenue Service on Thursday released new regulations to enforce a cap on federal deductions for state and local tax payments that states have sought to circumvent by allowing taxpayers to make donations to public education and other services.

The Republican tax law enacted in December capped at $10,000 the deduction taxpayers can claim on their federal tax return for state and local tax payments, including property and income taxes, known as SALT. The deduction was previously unlimited. (Reporting By Amanda Becker and Laila Kearney Editing by Leslie Adler)

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