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The Alternative Minimum Tax rule changes will come into effect on January 1, 2024, and organizations need to be prepared. Under the new federal tax rule, only half of donation tax credits can be applied against the Alternative Minimum Tax – up until the end of 2023 100% can still be applied. According to Funding Matters Inc., donors should take advantage of the opportunity to donate appreciated non-registered public securities, and pre-fund private foundations or donor-advised funds. Plus, individuals should consider exercising any planned liquidity events to avoid increased capital gains tax inclusion, and leverage charitable donations in 2023 to offset the resulting tax.
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