State (and Taxpayers) Dodge a PTET Bullet

Hodgson Russ Partner Timothy Noonan authored “States (and Taxpayers) Dodge a PTET Bullet” for Tax Notes. This is one of the more interesting and under-the-radar aspects of the One Big Beautiful Bill Act that didn’t make it into the final legislation. There is a lot of discourse around the bill related to the state and local tax deduction cap. Ultimately, after different iterations of proposals, a compromise was reached. Read the full article below.