Hawaii is close to becoming the latest state to enact an elective tax to help partnerships get around the $10,000 federal cap on deductions for state and local taxes.
Lawmakers sent the bill (S.B. 1437) to Gov. Josh Green (D) on Tuesday. Spokesperson Makana McClellan said the Democratic governor hasn’t taken a position yet but is aware the bill would be consistent with more than 30 other states that already have SALT cap workaround options, and would benefit Hawaii businesses accordingly.
“The passage of this bill would have minimal impact on the state treasury, except for the costs ...
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