Page 21 - Tax Reforms - Businesses

SALT - State and Local Income Tax (3/14)

01 SALT

In connection with guidance that

Treasury and the IRS have
provided about the TCJA’s $10,000
cap on state and local tax

deductions,
• a revenue procedure has been

released providing a safe
harbor under section 162 that
applies to payments made by a

C Corp or specified pass-
through entity to a 170(c)

organization in return for a
state or local tax credit.

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