August 22, 2018

CNBC: Upcoming IRS Rules Could Chill These Red-State Tax Credit Programs

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How the IRS will ultimately proceed remains to be seen, yet experts agree that the agency may take a closer look at programs with generous tax credits.

“It’s when you get up and above a 70 percent tax credit — that’s when taxpayers start to view these as not being charitable programs at all but as ways to pad their own bank accounts,” said Carl Davis, research director at the Institute on Taxation and Economic Policy.

For now, donors looking to slash their tax load and grab a hefty credit in their state should keep an eye on Uncle Sam. Read more