State & local tax developments in the real estate industry

Three months into 2023, the US economy continues to take center stage, with questions about how sectors such as real estate, hospitality, and construction may be affected. Meanwhile, in their ongoing budget sessions, some states are proposing state and local tax (SALT) revenue raisers while others are proposing tax cuts, depending on the jurisdiction.

At the federal level, policymakers continue to debate the SALT deduction cap for US federal income tax purposes. At the same time, states continue to rapidly enact new pass-through entity taxes to address the SALT cap. State tax measures targeting high-net-worth individuals and corporate profits are also gaining steam with coordinated efforts by some state lawmakers.

Join our panel of experienced SALT professionals for a discussion of these topics, including:

• Major state budget legislative tax proposals
  
• Elective state pass-through entity tax updates
• 2022 ballot initiatives ‒ what passed and what did not
• Other recent SALT legislative activity affecting the real estate sector

Panelists

• Christine Cagnina, Managing Director, State & Local Tax, Ernst & Young LLP
• Patrick Doyle, Partner, State & Local Tax, Ernst & Young LLP
• Douglas J. Upton, Senior Manager, State & Local Tax, Ernst & Young LLP

Moderator

• Dale Y. Kim, Partner, State & Local Tax, Ernst & Young LLP

EY webcast managed and produced by Ernst & Young LLP’s Tax Technical Knowledge Services Group, Washington, DC: Lynn Fairfax