Tax Reform and State and Local Taxation: IRS Issues Notice of Intent to Propose Regulations on the Federal Tax Treatment of Contributions to State-Sponsored Charitable Funds

Sullivan & Cromwell LLP - May 23, 2018
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Today, the Internal Revenue Service (“IRS”) issued Notice 2018-54, informing taxpayers that the Department of the Treasury and the IRS intend to propose regulations addressing the federal income tax treatment of payments made by taxpayers to funds controlled by state and local governments (or other state-specified transferees) for which taxpayers can receive a credit (in whole or in part) against their state and local taxes.