Since 2018, the Parity for Main Street Employers coalition has helped lead the charge to restore the State and Local Tax (SALT) deduction for Main Street Employers organized as pass-throughs. More than a half dozen states have enacted our model legislation thus far. And, following a 2020 Treasury Department announcement validating our legislative approach, SALT Parity measures are being actively considered in several more states.
Links to key materials outlining our efforts can be found below:
Background & Victories
- Model Statutory Language – Pass-Through Entity Tax
- PMSE Legal Analysis Supporting SALT Parity
- IRS Notice 2020-75 on SALT Parity
- S Corporation Association: Washington Wires
- SALT Issue Brief and Presentation
- SALT Parity Q&A
- SALT One-Pager
- Parity for Main Street Employers SALT Press Release (May 22, 2018)
Enacted Legislation
- Connecticut: Act 18-49 (enacted May 31, 2018)
- Wisconsin: Act 368 (enacted Dec. 14, 2018)
- Oklahoma: H.B. 2665 (enacted April 29, 2019)
- Louisiana: Act 442 (enacted June 22, 2019)
- Rhode Island: H. 5151A (enacted July 7, 2019)
- New Jersey: P.C. 2019, Ch. 320 (enacted January 13, 2020)
- Maryland: S.B. 0523 (enacted July 1, 2020)
Pending Legislation
- Arkansas: H.B. 1209
- California: S.B. 104 & Governor’s FY2021-22 Budget
- Massachusetts: Governor’s FY2021 Budget
- Michigan: S.B. 1170
- Minnesota: S.F. 263
- New York: Governor’s FY2021-22 Budget & S.2915