Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Final guidance issued on taxation of tribal per capita payments

 


Per capita payments from tribal trust funds are generally exempt from federal taxes, the Obama administration said today.

The Treasury Department and the Internal Revenue Service issued the final guidance after extensive consultation in Indian Country. It confirms that tribal members who receive per caps won't have to pay taxes, in most cases, on their share of tribal trust assets.

“Today we are providing tribes with important clarity by finalizing guidance that per capita distributions of tribal trust assets generally are not subject to federal income tax,” Assistant Secretary for Tax Policy Mark Mazur said in a press release. “This guidance was informed by extensive consultation with tribal governments, illustrating the value of these discussions to help us better understand the needs of tribal governments.

http://www.indianz.com/News/2015/018959.asp

 

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