IR-2019-109: Final Regulations on Charitable Contributions and State and Local Tax Credits
Internal Revenue Service (IRS) sent this bulletin at 06/11/2019 04:40 PM EDT IRS Newswire Final Regulations on Charitable Contributions and State and Local Tax Credits WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service today issued final regulations that require taxpayers to reduce their charitable contribution deductions by the amount of any state or local tax credits they receive or expect to receive in return. In a notice also issued today, the IRS stated that taxpayers may treat payments they make in exchange for these credits as state or local tax payments. This allows some taxpayers to deduct certain of the payments as taxes Treasury Decision 9864 , available today in the…
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