Income taxes

The Senate advanced the One Big Beautiful Bill Act through a procedural vote, opening the legislation for debate followed by Monday's vote-a-rama.

Senate Republicans are coming around to the $40,000 cap on state and local tax deduction key House lawmakers demand in President Trump's massive tax package.

Housing advocates are cheering the Senate's embrace of expanding Low Income Housing Tax Credits which ensures a volume increase and reduces a key bond threshold test.

House Speaker Mike Johnson said he's pressuring Senate Republicans to refrain from changing a deal to increase the state and local tax deduction cap to $40,000.

The deal that led the House to increase the maximum deduction for state and local taxes to $40,000 is not set in stone in the Senate.

President Trump said his massive tax package is close to being finalized, but the White House has yet to win over a faction who want more spending cuts.

A sizable increase to the current $10,000 limit on SALT write-offs would represent a major victory for a crucial group of swing-district House Republicans.

An Internal Revenue Service division that helps authorize the release of tax transcripts used in lending through form 4506-C is tied to core functions.

House Republicans are in talks over raising the cap for state and local tax deductions after winning pledges to include it in a must-pass tax bill this year.

Money manager Brian Heywood has already spent nearly $7 million of his own money to get six ballot initiatives in front of Washington State voters this November, half of them tied directly to taxes.

This could first be claimed by homeowners on their taxes in 2007, but it was never made permanent by Congress and expired after tax year 2021.

The Build Back Better reconciliation bill would raise the SALT cap to $80,000 from $10,000, and that impact varies widely from state to state.

The plan "is part of a larger democratic attack on home ownership that includes an increase in the taxes on capital gains as well as an end to 1031 exchanges for the sale of property," writes the head of Whalen Global Advisors.

Next week's $500 million taxable revenue bond deal is backed by a 1% surcharge on annual incomes higher than $1 million.

More than half of the benefit of repealing the $10,000 deduction cap for state and local taxes would go to millionaires, according to Congress's nonpartisan tax scorekeeper.

The Republican push to lower the corporate tax rate is already having an impact on banks and other investors in low-income housing tax credits.