2017/2018 State Income Tax Deduction

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If the Republican tax plan passes the state income tax deduction will likely be limited or lost altogether. Accordingly, if you anticipate a large state balance due for tax year 2017 you may want to consider paying that by year end if you are not in alternative minimum tax to preserve your deduction. If you use transferable credits to pay your state tax (film credits in Georgia) think about funding those before the end of 2017 to preserve your state income tax deduction.