
Final SALT Rules Could Save Scholarship Fund, Parents Tell IRS
The 25,000-member National Council of Nonprofits has yet to hear whether nonprofits like the proposed rules.
The 25,000-member National Council of Nonprofits has yet to hear whether nonprofits like the proposed rules.
This week, the IRS closed the charitable deduction loophole -- and did so in a way that charities say will have a far-reaching impact.
Reaction to the IRS’s final regulations on charitable contributions and state and local tax credits is ricocheting from one extreme to another, with the only common ground seeming to be that nearly everyone is grumbling.
Much is at stake, said David L. Thompson of the National Council of Nonprofits, adding that several arguments need to be addressed during the public comment period.
On the Treasury Department’s release of proposed rules regarding the so-called SALT workarounds, David L. Thompson, Vice President of Public Policy for the National Council of Nonprofits, said:
But the plan also could increase contributions if a person who previously gave $200 now gives $10,000 to get a tax credit. In this case the charity would be ahead by $800.
Meanwhile, other concerns about the workaround have come from the state’s nonprofit community, which is already worried that the Trump tax overhaul could lead to fewer donations being made by New Jersey residents due to the increased standard...