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IRS Bars State SALT Cap Workarounds

Law360 (June 11, 2019, 4:25 PM EDT) -- The Internal Revenue Service on Tuesday put an end to state attempts to bypass the $10,000 cap on state and local tax deductions while also limiting deductions for charitable donations in which the taxpayer gets a state tax credit.

The IRS building in Washington, D.C. (AP) The final regulations prohibit the use of programs implemented in some states in which taxpayers receive a credit against their state income taxes for donations made to charitable funds set up by the state in an attempt to reduce the impact of the federal cap on state and local tax deductions.

The guidance also severely limits...

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