I spoke to Laura Davison of Bloomberg BNA about the implications of the Senate’s 11th hour reinstatement of the AMT:
Curbing the state and local tax deduction while keeping the AMT creates an interesting interaction because many AMT payers are the same people who could have large SALT write-offs. SALT isn’t deductible under the AMT, but lawmakers had used the argument that repealing the AMT would lessen the pain of restricting SALT deductions, said Liam Donovan, a tax lobbyist at Bracewell LLP in Washington.
“This makes it harder for the medicine to go down,” he said.
Read the full piece here.