A plan for Illinois to circumvent the $10,000 federal deduction cap on state and local taxes is on ice after lawmakers declined to take action on the final day of the spring legislative session.
The House of Representatives left the state capitol May 31 without taking final action on H.B. 4237, described by sponsors as a “New Jersey model” workaround of the deduction limit in the 2017 federal tax act (Pub. L. No. 115-97). The bill passed the House by a wide margin in April, but the chamber was required to take a second vote after the ...
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