Clarification today from the IRS regarding the cap on SALT deductions

Today, Secretary Steve Mnuchin helped clarify outstanding questions from business taxpayers who make business-related contributions to charities regarding the deductibility as business expenses. Secretary Mnuchin released the following statement:

“The IRS clarification makes clear that the longstanding rule allowing businesses to deduct payments to charities as business expenses remains unchanged under the Tax Cuts and Jobs Act. The recent proposed rule concerning the cap on state and local tax deductions has no impact on federal tax benefits for business-related donations to school choice programs.”