April 20, 2021

Volume XI, Number 110

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April 19, 2021

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Residency Audits: What To Expect When You Move To Another State

According to CNBC, New Jersey, New York, California, Connecticut and Illinois are the five states that had the most residents move away in 2020; they are also among the states with the highest state and local taxes. That is of significance because this shift may have started to occur after the Tax Cuts and Jobs Act of 2017 limited the federal deduction of state and local taxes to $10,000. Those with substantial state or local income taxes or who owned multiple homes and had significant property taxes considered relocating to lessen the impact of the limited deduction that used to defray up to 35-40% of the cost of those state and local taxes. Then, the Coronavirus Disease (Covid-19) pandemic hit, disrupting normal work routines, emptying offices and causing people to begin to work remotely.

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©2021 Greenberg Traurig, LLP. All rights reserved. National Law Review, Volume XI, Number 56
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TRENDING LEGAL ANALYSIS

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About this Author

Glenn Newman, Greenberg Traurig Law Firm, New York, Real Estate and Tax Law Attorney
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Glenn Newman focuses his practice on tax planning and controversy matters involving state and local taxes including personal income tax, corporate tax, sales tax and real property transfer taxes.He has held several government-positions in New York City throughout his illustrious career. He was most recently named to serve by the City Council as the President of the NYC Tax Commission. 

Prior to working in the finance department, Glenn Newman was the department's head of the Tax and Bankruptcy Division, in the Office of the Corporation Counsel of...

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