The Trump administration is aiming new regulations at states looking to soften the loss of deductions under the new federal tax law. The Internal Revenue Service and Treasury Department said new rules would be coming soon, in what appears to be a warning to states that have sought workarounds for residents who face a bigger tax bill—such as New York, New Jersey and Connecticut. All three sought workarounds for residents after the new law put a $10,000 annual cap on state and local tax deductions.

Source: Wall Street Journal May 23, 2018 20:39 UTC