Legislative update - JCT report examines federal tax, state and local government finance 

March 15:   The Joint Committee on Taxation (JCT), in advance of a March 19 hearing of the Ways and Means Committee today issued a report that summarizes provisions and discusses economic issues of:
  • Allowing federal tax deductions for certain state and local taxes
  • Tax-exempt and tax-credit bond provisions
  • The taxation of income of states and municipalities
  • The treatment of contributions in aid of construction

Read the JCT report JCX-7-13 [PDF 420 KB]: Present Law and Background Information Related to Federal Taxation and State and Local Government Finance




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