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New Rhode Island SALT Workaround Bill ‘Has Legs’

Feb. 28, 2019, 10:39 PM

Proponents of a bill that would allow Rhode Island businesses to work around the federal cap on state and local tax deductions say it stands a good chance of becoming law.

The bill (H. 5576) would provide a work-around for owners of pass-through entities whose state and local taxes exceed the $10,000 cap on the SALT deduction enacted in the 2017 federal tax law. It was filed Feb. 27 by Rep. K. Joseph Shekarchi (D), and Sen. Mark P. McKenney (D) is expected to file a companion bill, according to a news release.

The bill sets a 5.99 ...

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