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Credit For Political Contributions On Tax Credit For Political Contributions On Tax
The article explains 1972 tax rules allowing a credit or deduction for political contributions. Taxpayers may claim a credit for half contributions up to 25 dollars joint, 12.50 single, or take a deduction up to 100 joint or 50 single. It also presents the Presidential Campaign Fund option with Form 4875 directing $1 of tax to the fund, separate designations for spouses, and notes on eligibility and strategic choices. The fund could grow by 1976, with limits per candidate and future funding implications.
MENTIONED IN THIS ARTICLE
Edmond Lebreton
Associated Press
Washington
National Party
Congress
Internal Revenue