The Internal Revenue Service and Treasury issued proposed regulations on August 23rd which are proposed to be effective beginning tomorrow, August 28th.
As such, the proposed regulations offer a potential opportunity, which expires today, August 27th, in which to make contributions to a state charitable fund to potentially receive a charitable deduction for federal tax purposes and a state tax credit (and deduction) for state and local tax purposes (depending on the applicable state or locality). The proposed regulations do not provide a reason for the delay in the effective date and there may be risks that you may not receive the expected tax benefits. The purpose of this legal update is merely to highlight this potential opportunity and that there might be tax planning which would need to be acted upon today.
Below is a link to the New York State Department of Taxation and Finance’s website: