November 15, 2024 12:46 pm
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BREAKING: Senate GOP reach SALT and pass-through tax rate deals

By Vidya Kauri and Michael Macagnone | Law360

The Senate’s $1.4 trillion tax cut bill appeared to be nearing final passage in the chamber Friday after agreements were reached to increase the tax benefit for pass-through businesses and permit a deduction for state and local property taxes.

Sens. Ron Johnson, R-Wis., and Steve Daines, R-Mont., said Friday morning they would back the Tax Cuts and Jobs Act after they negotiated a deal with Republican leaders to hike the deduction for pass-through entities to 23 percent from an earlier proposal for a 17 percent deduction.

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