SALT deduction Archives - California Globe

SB 851 Signed by Gov. Newsom: Small Business Relief Act

September 29, 2022 6:21 amSeptember 29, 2022 6:30 am

On September 28, Governor Gavin Newsom signed into law Senate Bill 851 by Senator Anthony Portantino (D-La Canada-Flintridge), California’s effort to work around the federal government’s limitation of $10,000 on deducting state and local taxes on one’s federal return. SB 851 modifies...

New Bill is Work-Around to Federal State and Local Tax Deduction

March 10, 2021 11:32 amMarch 10, 2021 12:28 pm

Senators Mike McGuire (D- Healdsburg,) and Anna Caballero (D-Salinas) made amendments on March 9 to their Senate Bill 104, which is a “work-around” to the federal state and local tax (SALT) limitation. The bill would add and repeal Section 17052.10...

Gov. Newsom’s ‘Conformity’ Tax Proposal Cherry-Picking Changes to Federal Law

June 20, 2019 2:05 amJune 20, 2019 8:32 am

California Gov. Gavin Newsom’s proposed state budget contains more than $2 billion in new state taxes, even with $21 billion state surplus. Newsom proposed adopting some of the Trump federal tax code changes – and limiting deductions for business losses,...