A revised version of the budget bill that passed a procedural vote in the Senate on Saturday, June 28, would preserve the state and local tax (SALT) deduction for certain passthrough businesses, including accounting firms.
After initial doubt about whether it had enough support among the Senate’s slim Republican majority, the Senate voted 51-49 Saturday night to take up the bill. If the bill passes the Senate, it would then go back to the House for another vote.
The revised Senate version of the bill would increase the SALT cap to $40,000 and adjust it for inflation. It drops language previously included that would have limited the ability of taxpayers to use passthrough entities to avoid the SALT cap. Read more.