Charities Line Up Against Tax Bill

Charities Line Up Against Tax Bill

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The Colorado Nonprofit Association officially opposed the bill Nov. 13 while it was still up for discussion in the House and hopes these items can be changed or removed in the Senate or that senators will vote down the bill.

"It's a significant impact for folks who give in Colorado," Colorado Nonprofit Association President and CEO Renny Fagan said. "The taxpayers who today benefit from charitable deductions would no longer have that benefit."

Fagan said that about one-third of taxpayers itemize their deductions rather than take the standard deduction, meaning they total up their eligible expenses they can claim to reduce their taxable income. In most cases, they know the deductions will be greater than the $6,000 standard deduction for an individual or $12,000 for a joint filing.

Source Name: 
The Daily Sentinel

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