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In Bloomberg Law's Daily Tax Report, Richard Fox, shareholder in the firm's Tax section, discusses the proposed IRS regulations to neutralize state and local workarounds for the $10,000 limitation on the state and local tax deduction enacted in the 2017 new law. He concludes that the proposed regulations would nullify the legislative attempts but also threaten long-standing state and local tax credit programs that encourage donations to charitable and educational institutions.

Read "INSIGHT: IRS Proposed Regulations Nullify $10,000 Annual SALT Limitation Workaround Attempts by States and Political Subdivisions"