Maintain charitable deductions

Maintain charitable deductions

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The proposal to limit the deductibility of charitable contributions will dramatically and negatively affect these worthwhile organizations as well as their donors. North Carolinians gave $5.9 billion in charitable contributions in 2012, the most recent year for which federal income tax data are available.

The exact cost of the proposed cap is unknown, but the N.C. Center for Nonprofits estimates an overall reduction in charitable giving of $60 million to $900 million. This staggering deficit could cripple more than 10,000 nonprofits in North Carolina, including United Ways, churches, colleges and universities, hospitals and YMCAs.

 

Source Name: 
The News & Observer
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