Bloomberg Tax
Jan. 7, 2020, 9:46 AM

Final SALT Rules Could Save Scholarship Fund, Parents Tell IRS

Sam McQuillan
Sam McQuillan

Parents of special needs children in South Carolina are urging the IRS to finalize guidance they say would lift a funding roadblock for scholarship programs.

The IRS’s proposed rules, tied to the tax law’s $10,000 cap on state and local tax (SALT) deductions, would give businesses a break by clarifying that pass-through entities and corporations that donate to charitable funds in exchange for a state tax credit can deduct those costs.

That Dec. 13 guidance is crucial to shield South Carolina scholarship programs such as the Educational Credit for Exceptional Needs Children from a drop in donations,

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