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A Publication of RINA Accountants & Advisors -- July, 2021

State And Local Tax (SALT) Workaround is coming to California

On July 16, Governor Newsom signed Assembly Bill 150 enacting changes to the Revenue and Taxation Code, which will provide certain California taxpayers some relief from the current $10,000 Federal limit on individual state and local tax (SALT) deductions.

California now joins the growing list of states to create a workaround of the $10,000 cap on the federal deduction for state and local taxes paid for pass-through entities.

The American Families Plan Potential Impact on Real Estate

Earlier this year, President Biden announced The American Families Plan – a $1.8 trillion proposal focused on investing in increased childcare, healthcare, and education initiatives while extending many of the middle-class focused tax credits that were signed into law earlier this year as part of the American Rescue Plan. 

The proposal - has many possible real-estate-related tax law changes.

The American Families Plan Affect on Section 1031 Exchanges

The American Families Plan proposed by the President in April pays for some of its spending initiatives by making significant changes to the Section 1031 Exchanges. 

The American Families Plan proposes restricting like-kind exchange tax deferrals to aggregate gains of $500,000 for each taxpayer ($1,000,000 in the case of married individuals filing a joint return).

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