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The Department of the Treasury and the IRS proposed regulations this week that would clarify the relationship between state tax credits and federal rules regarding charitable contribution deductions.  Under the proposed regulations, a taxpayer’s allowed federal charitable contribution deduction would be required to be reduced by the amount of any state or local tax (SALT) credit received by the taxpayer for the contribution.  For example, if a taxpayer makes a $10,000 contribution to a charitable organization and receives a $6,000 … Continued