ROCKVILLE, Md. — Montgomery County could help residents dodge one impact of a federal tax plan on homeowners.
If passed, the plan would cap deductions for state, local and property taxes at $10,000. The bill could take effect as early as Jan. 1.
The Washington Post reports that County Council member Roger Berliner wants the county to help residents prepay property taxes before the end of the year. Berliner says if residents pay before the federal law takes effect, they could avoid the cap for a year.
State law allows Maryland counties to enact prepayment legislation. The Montgomery council is out of session until mid-January. That means any local law would have to be passed next month and implemented retroactively. Berliner says that’s a rare move, but isn’t out of the question.
Information from: The Washington Post, http://www.washingtonpost.com