Sunday, September 8, 2019
State Tax Credits
The IRS has issued final rules on the deductibility of state tax credits like the GA scholarship program and GA rural hospital credits. The rules are retroactive to August 27, 2018. Basically, the new rules say that no federal charitable deduction is allowed for these credits. However you can deduct these amounts as state income tax payments up to the new maximum limit of $10,000. You also still get the 100% state income tax credit. This change will make these credits less attractive to taxpayers.
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