Treasury Releases Guidance on Permissibility of State Legislation to Circumvent SALT Deduction Cap

Treasury Releases Guidance on Permissibility of State Legislation to Circumvent SALT Deduction Cap

Aug 24, 2018

Client Alert

Brownstein Client Alert, August 24, 2018

On Aug. 23, 2018, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued proposed regulations under Section 170 of the Internal Revenue Code (Code) addressing the federal income tax treatment and characterization of state legislation allowing certain charitable contribution payments made by taxpayers in exchange for a corresponding credit against state and local taxes (SALT).

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