As tax law closes charitable deduction, NJ looks to corporate citizens for help

As tax law closes charitable deduction, NJ looks to corporate citizens for help

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“The charitable deduction is only available to taxpayers who itemize and because the standard deduction has been raised, fewer taxpayers will be able to take advantage of itemizing and fewer taxpayers will be able to take charitable deductions,” said Linda Czipo, president and CEO of the Center for Nonprofits, which helps different organizations get their philanthropy efforts off the ground.

Czipo said that many nonprofits will be hit particularly hard by the cuts, because they will be taxed under the new law, whereas they used to be tax-exempt.

“There are other elements of the plan that have created some hardships, new taxes on tax-exempt organizations that are going to make it harder for organizations to operate,” Czipo said.

“Because of the broader tax act imposed, some $1.5 trillion in tax cuts, they had to fund it somehow, so they funded it by closing a lot of loopholes by imposing new taxes on tax-exempt organizations,” she added.

Source Name: 
NJBiz
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