July 7, 2019

Daily Progress: Opinion/Commentary: New IRS Rule Narrows Tax Loophole in Virginia

media mention

First, people and businesses making stock contributions, rather than cash, may still be able to profit from their donations through avoidance of capital gains taxes. A fix suggested by the Institute on Taxation and Economic Policy is to require taxpayers to pay capital gains tax if they receive a large state tax credit as compensation for their gift of stock or property to a private school.