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Treasury Deals Final Blow to SALT Deduction Workarounds (1)

June 11, 2019, 8:28 PMUpdated: June 11, 2019, 9:28 PM

The Treasury Department dealt the final blow to programs in states like New York and New Jersey designed to help residents circumvent the new $10,000 limit on deductions for state and local taxes.

The federal regulations, issued June 11, prohibit workarounds that would allow residents to create charitable funds for a variety of programs where donors can get a state tax credit in exchange, effectively removing the state and local tax, or SALT, limitation.

The rules could also curb donations to some similarly structured charitable funds for private school tuition vouchers in Republican-led states such as Alabama and Georgia. ...

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