IRS T.D.: Notice Reference in Preamble to Charitable Contribution Regulations Updated (IRC §170)

Preamble to regulations on limiting the charitable contribution deduction when receiving state, local tax credits corrected by updating an Internal Revenue Bulletin citation for Notice 2019-12 to include the page number after the official publication, the IRS stated August 1. The regulations were published June 13. The notice provides a safe harbor for individuals who itemize deductions and makes a payment to a tax code Section 170(c) entity in return for a state or local tax credit to treat the portion of such payment that is or will be disallowed as a charitable contribution deduction under Section 170 ...