Howard County financials officials announced on Thursday they are letting residents pay their 2018 property taxes before the new tax plan goes into effect.
According to The Howard County Department of Finance, residents have been questioning how the tax plan will affect them. In response, the county is accepting payments until December 31 in an attempt to keep your deductions the same as 2017.
The new tax plan passed by Congress could take effect as early as January 1, 2018, and could cap deductions for state and local property taxes at $10,000.
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Finance Director Stanley Milesky says he it's unclear whether there will be benefits to paying your taxes before 2018.
“In the coming months, the Internal Revenue Service will develop regulations regarding the tax changes,” said Milesky. “We don’t know if the IRS will allow residents who make the prepayments to have the tax benefits they are seeking,” Milesky said.
Milesky says it could be months before they will know the impact of the new legislation.
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