Bradley attorney Bruce Ely was quoted in Bloomberg Tax on the final IRS rules that focus on business relief following the imposition of a $10,000 cap on state and local deductions. The rules stated that C corporations or some pass-through businesses that receive a state tax credit in exchange for donating to a charitable fund can deduct those costs from their federal tax return.
Ely said he had hoped the rules would “grandfather” organizations that had been in place before the 2019 rules were released.
“It’s a bit of bad news but not surprising,” he added.
The original article, "IRS Ignores Scholarship Program Pleas for SALT Relief," appeared in Bloomberg Tax on August 10, 2020.