The 2024 federal tax law raised the cap on the state and local tax (SALT) deduction from $10,000 to $40,000, and the SALT deduction can only be claimed by taxpayers who itemize their deductions (typically higher-income households whose itemized deductions exceed the standard deduction).
July 01, 2024
high
temporal
Policy change in federal tax law affecting the maximum deductible state and local taxes and the population that can benefit.