Tax partner Bryan Bloom authored an article for NJBIZ, titled “New Calculations: What New Jersey Business Owners and Executives Need to Know Now,” that provides an update on tax laws and how they impact New Jersey businesses.
Bloom addresses that close attention should be paid to the “Build Back Better” legislation making its way through Congress, which includes an increase in the state and local tax deduction (SALT) cap from $10,000 to $80,000.
The article also notes that attention should be paid to provisions of the House Ways and Means Committee’s proposed legislation from Sept. 13 that have not made it into the Infrastructure Investment and Jobs Act or the Build Back Better proposed bill. This includes the reduction in an individual’s lifetime exemption from $11.7 million to a much lower number, as well as proposals to eliminate discounts on gifts of non-business assets held by family partnerships.
Overall, Bloom highlights that, as with all planning, the devil is in the details, and the proper plan requires careful consideration of tax, financial, and emotional issues.