SALT — new exceptions in Illinois
Hi Terry,
Wondering -Just heard you with Steve Bertrand – What about S-Corp (Instead of LLC) to be able to possibly deduct SALT taxes?
Thanks, Always enjoy your advice on WGN!
Terry Says
I should have included that wording. Here’s the official wording (and it WAS signed into law by Gov Pritzker four days ago):
Senate Bill 2531, anticipated to be signed by Gov. Pritzker, provides owners of partnerships or S corporations with a workaround to the federal $10,000 SALT deduction cap effective for tax years ending on or after December 31, 2021, and beginning before January 1, 2026.
