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Illinois Senate passes state and local tax deduction bill

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Posted By: Drastic, 4/23/2021 3:50:58 PM

Small businesses in Illinois, where taxes are among the highest in the nation, stand to benefit from a state senator’s legislation to alter tax deductions. The legislation passed the Senate on Thursday. The bill utilizes an IRS-approved method to allow pass-through entities to bypass the $10,000 cap on the State and Local Tax, or SALT, deduction. The sponsor of the bill, state Sen. Win Stoller, R-Germantown Hills, said the legislation has the potential to help up to 400,000 Illinois business owners save thousands of dollars annually on their federal tax filings.

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Reply 1 - Posted by: john56 4/23/2021 8:42:37 PM (No. 765157)
I thought Biden forbade the states from lowering taxes. Silly me.
1 person likes this.

Reply 2 - Posted by: Corndoggies 4/23/2021 8:47:57 PM (No. 765159)
We live less than 2 miles from the Illinois state line, in Indiana, have 1.03 acres in the country and a 4 bdrm home. We pay $812.06 in property taxes. Annually. Back in 02 I saw my (ex) mother in laws tax bill. It was almost $9000 for a nice suburban home. While I was stroking out she calmly said “and that’s with my senior citizen discount”. People be crazy to live in that state.
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Reply 3 - Posted by: RuckusTom 4/23/2021 10:22:02 PM (No. 765218)
Red states with no state income taxes will, once again, be subsidizing blue states as residents in those blue states get to take tax credits for the high state income taxes in their states. And they keep going up and up and up and up. That was the whole reason for the SALT limits and it put a glaring spotlight on how much states are taxing their own citizens. That was a brilliant move by President Trump and is a big reason why people in places like NY and IL and CA are moving to Florida and Texas.
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