Illinois responds to the SALT deduction limit in the new federal tax law by creating a state income tax credit. In effect, the credit would take a bite out of the $10,000 limit on the federal deduction for state and local taxes enacted under the federal Jobs Cut and Tax Act (P.L. 115-97, Sec. 11042). […]
The post Illinois Responds to SALT Deduction Limit appeared first on Tax & Accounting Blog.