What Do We Know About the Pass-Through Business Alternative Income Tax?
On January 13, 2020, Governor Phil Murphy signed S. 3246 into law. The new law is referred to as the “Pass-Through Business Alternative Income Tax Act” or “BAIT” Act. This law was passed in response to the Federal tax reform enacted in December 2017 which placed a $10,000 limitation on the itemized deduction for state and local taxes paid (“SALT”). New...
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