Rick Cohen, chief operating officer of the National Council of Nonprofits, said charitable groups had been “hit from all angles”, with fundraisers cancelled and gifts drying up as unemployment leapt.
Calls are building for an expanded charitable giving deduction, which mean individuals could claim the perk regardless of whether they itemize their taxes.
But stakeholders in the nonprofit sector expressed concerns, saying that Treasury's data is in line with other studies that have shown that Trump's tax law had a negative effect on charitable giving.
Of note is the provision that took the standard deduction for single filers from $6,500 to the current $12,200; for couples filing jointly the change went form $13,000 to $24,400 now.
Tax season is around the corner, and Coloradans now have a new option on a state tax form that allows them to choose to donate their income tax refund to a charity of their choice.
"The big change this year, is that people who are using the standard deduction on their state income taxes can also get a tax benefit for the money they donate to local nonprofits," said Kate Jensen, the CEO of the Ronald McDonald House Charities...