+David Thompson, vice president of public policy at the National Council of Nonprofits, also praised the expanded charitable deduction but complained the legislation lacks other key nonprofit needs including:
+A bipartisan group of senators is hoping to use the next coronavirus relief package to chip away — in a big way — at Republicans’ efforts to curb the deduction for charitable contributions.
+A bill to enact the deduction was already approved by the Senate in March but it has not moved in the Assembly, where it is still pending before that chamber’s Budget Committee.
+Changes to federal tax law that took effect in 2018 removed at least part of that incentive, and local nonprofits are starting to feel the strain.
+This month marks the 100th birthday of the federal tax deduction for charitable giving. That anniversary should be a day of celebration for all that this incentive to give has done for the American people.
+Washington, DC - In response to the introduction by Representative Mark Walker (R-NC) of the Universal Charitable Giving Act (H.R.
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+The double whammy of doubling the standard deduction while lowering the top rate to 35% from 39.6% could reduce giving by between $5 billion and $13 billion a year, or up to 4.6%, according to a recent study by the Lilly Family School of...
+Elsewhere in the tax debate, many charities are choosing to stay on the sidelines when it comes to the estate tax, because lawmakers are unlikely to be swayed on that issue.
+"Both would be a sizable hit for not only the nonprofits but also the people that they're serving," said Tim Delaney, CEO of The National Council of Nonprofits.
