IT’S REALLY NO SURPRISE THAT THE TREASURY WON’T ALLOW “CONTRIBUTIONS” THAT GET STATE TAX CREDITS TO BE TREATED AS DEDUCTIBLE CHARITABLE CONTRIBUTIONS
The Treasury has issued final regulations shutting down the so-called “workarounds" that would let taxpayers deduct as charitable contributions payments that are really in satisfaction of local tax obligations. It really isn’t a surprise, is it? It’s based on a longstanding, and simple, principle: If you get something in return for a donation, that donation doesn’t qualify for an income tax deduction.
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