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U.S. Treasury Issues Final Regulations on Charitable Contributions and State and Local Tax Credits

TULSA, OKLAHOMA (June 12, 2019) – Yesterday, the U.S. Treasury Department issued final regulations addressing the treatment of charitable contributions to programs that allow for state income tax credits. Under the Tax Cuts and Jobs Act, state and local tax deductions were capped at $10,000. These updated regulations clarify that individuals and businesses cannot get a charitable contribution deduction resulting in state tax credits. However, to protect long-standing tax credit scholarship programs, the Treasury Department offered relief for businesses and…

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  • June 12, 2019
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