"The National Council of Nonprofits is actually concerned as well and estimating about 5 percent will be the decrease in nonprofit giving for the next year," Howard said.
But because it will double the standard deduction to $12,000 for individuals and $24,000 for couples, charities fear taxpayers won't have the incentive to make donations to lower their tax bill.
With taxpayers being able to jump on a higher standard deduction, they’ll have less incentive to itemize their deductions. Therefore, they’d be less likely to give to nonprofits.
Washington, DC - Tim Delaney, President and CEO of the National Council of Nonprofits, released the following statement in response to the House and Senate passing the Tax Cuts and Jobs Act:
The impact of the tax plan extends beyond charitable and foundation giving, according to David Thompson, vice president of public policy for the National...
Donations represent the largest funding source for nonprofits after fees charged for services and government contracts, said Heather Iliff, president and CEO of Maryland Nonprofits, the sector's statewide trade organization.