Corporate SALT Cap Proposal Puts States, Businesses on Notice

A plan to cap the amount of state and local tax liabilities businesses can write off on their a federal returns would require big adjustments from companies and statehouses alike.

Senate Republicans are reportedly considering restrictions on corporate state and local tax deductions as part of their federal tax package, to help pay for increasing the cap for individuals to $25,000 from $10,000.

While the full details of the plan have not yet been released, businesses have to be prepared, said Colleen Aldridge, a principal in the Atlanta office of accounting firm Warren Averett, who helps advise companies on SALT ...