Donations to Colorado charities fell flat last year and some are blaming Trump’s tax law

Donations to Colorado charities fell flat last year and some are blaming Trump’s tax law

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Nonprofits nationwide are bracing for what could be an even larger decline in 2018 because of changes that gave taxpayers a larger standard deduction for 2018 and made itemizing unnecessary for many. However, the impact of the tax change isn’t yet known in Colorado because the latest state nonprofit data is from 2017.

“What that means is that almost half of the people who previously donated and about half of the charitable deductions they claimed on their federal return are not being itemized anymore. That amounts to about $1 billion of claimed charitable contributions,” said Renny Fagen, president and CEO of Colorado Nonprofit Association. “Those taxpayers are still going to be charitable and give, but whether they will give at the same amount remains to be seen.”

The association sent a survey to 100 nonprofits and found that 30 percent don’t expect to “meet or exceed” revenue goals for 2018. Another 14 percent “already changed their strategies in response to the tax reform,” according to the survey. However, 89 percent also said they are “somewhat and very” optimistic about 2019.

Source Name: 
The Colorado Sun
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