WASHINGTON—The Treasury Department blessed a way for some business owners to avoid the $10,000 cap on state and local tax deductions, allowing a workaround offered by states such as New Jersey and Connecticut.
The decision doesn’t remove the cap for individuals but will lessen or remove its sting for business owners, delivering a sizable tax cut in the waning days of the Trump administration.
“The…
This post first appeared on wsj.com
