HOUSE NARROWLY PASSES TEMPORARY REPEAL OF SALT DEDUCTION CAP!
Realtors, investors, buyers, sellers and homeowners received one of the best gifts for the 2019 holidays when the House passed the REPEAL of the SALT DEDUCTION CAP last week. As part of the Tax Reform Act of 2017, a deduction cap was included that either limited or eliminated the ability for businesses or individuals to deduct many expenses that brought their taxable income way down. Although the Tax Reform Act reduced the tax rate for many, capping or eliminating many deductions resulted in higher tax bills for most. Shock waves were felt by property owners and business owners alike when they realized the results. The California Association of Realtors praised the passage of the bill, which lifts the cap imposed by Trump’s 2017 tax reform.