Recent limits on state and local tax deductions have resulted in a drop in charitable contributions in affluent counties, according to new research. Some may see this as a reason to lift the limit, but doing so would primarily help the wealthy and do nothing to encourage others to give.
Michigan Gov. Gretchen Whitmer signed into law House Bill 5376 (HB 5376), a bill that amended the Michigan Income Tax Act to allow pass-through entities such as S corporations, partnerships and certain trusts to make an election to pay tax at the entity level,