AB 150 – California’s Creative Solution to the State & Local Tax Deduction Limitation
The goal of every taxpayer is to minimize their tax liability legally. When federal tax laws repeal or limit deductions, sometimes states step in to provide relief. Before the Tax Cuts and Jobs Act (“TCJA”) was enacted in December of 2017, individual taxpayers could deduct state and local tax they paid as an itemized deduction on their personal tax returns.