The credit is capped at $1,700 and cut by any state credit
What the document says“The credit allowed under subsection (a) to any taxpayer for any taxable year shall not exceed $1,700.”
The section caps the credit at $1,700 for a taxpayer for a taxable year and reduces it by any credit allowed on the taxpayer's State tax return for qualified contributions made in the same year.
What the document actually says“The credit allowed under subsection (a) to any taxpayer for any taxable year shall not exceed $1,700.”
The credit may not top $1,700 in a tax year. That holds for each taxpayer.
A state credit for the same gift cuts it further. So the two do not stack. The cap does not grow with prices.
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