1. Business deduction opportunity for pass-through entities contributing to GOAL
IRS Regulations proposed in December 2019 confirm the federal deductibility of contributions to Georgia GOAL by pass-through entities as ordinary and necessary business expenses.
- IRS Proposed Regulations Confirm Business Deduction for Georgia GOAL Contributions
- A Peach of a Deal for Pass-Throughs
2. NO federal income tax cost for contributing to GOAL
Guidance released by the IRS in June 2019 eliminates any potential federal income tax cost for taxpayers who contribute to a state income tax credit program such as Georgia GOAL. And, of course, their 100% state income tax credit remains intact.
- For more details, read the email from GOAL President, Lisa Kelly, sent on June 12, 2019.
3. A Letter from partner in Pass-Through Entity Practice of Bennett Thrasher, LLP
More information: GOAL Tax Credit FAQ Sheet for Business Entities