Good News: IRS Releases Notice Affecting Contributions to Georgia GOAL
- Additional guidance released by the IRS 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.
- The IRS confirmed the potential federal deductibility of contributions to Georgia GOAL by pass-through entities as ordinary and necessary business expenses.
For more details, read the email from GOAL President, Lisa Kelly, sent on June 12, 2019.
Also, please refer to other important updates from GOAL relating to this topic:
A Peach of a Deal for Pass-Throughs
IRS Proposed Regulations Confirm Business Deduction for Georgia GOAL Contributions
Current Tax Status of the GOAL Education Expense Tax Credit Program
GOAL Tax Credit FAQ Sheet for Business Entities
Georgia GOAL Grand Slam One Pager