States Weigh Tax Breaks: Federal Changes, State Decisions

Lawmakers across the U.S. are considering new federal tax breaks for 2025, including deductions for tips, overtime, and automobile loans. Some states will automatically apply these breaks, but others require legislative action. Full adoption could save residents and businesses millions, but may strain state budgets. Lawmakers must decide quickly to apply retroactively or wait until 2026. DNN | The Daily News Now! The world’s first global local news network. Every city. Every story. AI powered. Hosted on Acast. See acast.com/privacy for more information.