Business & Tech
Livingston-Based Accountant Helps Write SALT Workaround Law
A Livingston-based accountant helped to author a state law that may save New Jersey business owners up to $400 million every year.
LIVINGSTON, NJ — A Livingston-based accountant recently helped to author a state law that may save New Jersey business owners up to $400 million every year.
On Monday, Murphy signed the Pass-Through Business Alternative Income Tax Act into law, along with dozens of other bills. The legislation gives some Garden State business owners a way to bypass the $10,000 cap on state and local tax deductions (SALT) created under the Tax Cuts and Jobs Act.
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The law is expected to save qualifying Garden State business owners up to $400 million annually on their federal tax bills, the New Jersey Society of Certified Public Accountants (NJCPA) estimated.
- See related article: NJ Tax Law Is $400M Boon For Biz Owners, Essex County CPAs Say
NJCPA President-Elect Alan Sobel, a managing member at Livingston-based SobelCo, helped write the new legislation.
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Watch Sobel speak about the law and how it was created in the below video.
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