Nationally, nonprofits are concerned there may be a repeat of 2018, when individual giving dropped by $3 billion, largely because of the 2017 federal tax law that eliminated the charitable contribution tax deduction, mostly for middle-income...
“A large percentage of the donations that nonprofits see throughout the year occur throughout this time period,” said Kate Rubalcava, CEO of Utah Nonprofits...
Among the law’s biggest changes, explains David Heinen of the North Carolina Center for Nonprofits, was almost doubling the standard income tax deduction.
Nonprofits have seen troubling trends in giving, but it’s hard to pin the blame on the tax law change, said Rick Cohen, COO and spokesman for the National Council of Nonprofits in Washington.
“We are eagerly awaiting the release of the Senate Finance Committee Disaster Tax Relief Task Force report on how tax law can be improved to help people when natural disasters like Dorian hit,” Thompson told Tax Notes September 10.
Overall revenue from charitable gifts is down 7.3% nationwide for the first six months of the year, and according to Louisiana Association of Nonprofit Organizations President and CEO Kelly Pepper, the decline hasn’t avoided Louisiana-based...