Will NJ create a tax deduction to reward charitable giving?

Will NJ create a tax deduction to reward charitable giving?

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A bill to enact the deduction was already approved by the Senate in March but it has not moved in the Assembly, where it is still pending before that chamber’s Budget Committee. Advocates are hoping it might get a hearing soon so that the Assembly can consider it before the lame-duck ends.

“We’re definitely still pushing it and trying to get it done during the lame-duck,” said Doug Schoenberger, government affairs specialist for the Center for Nonprofits.

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Schoenberger said creating a New Jersey deduction would provide a reward for taxpayers who help fuel the good work they do. It will also help keep thousands of of New Jersey workers employed.

“It provides tax relief for New Jersey citizens and it’s also a work bill since 10% of the workforce is employed by nonprofits,” Schoenberger said Monday. ”(A state deduction) could help out a lot of people across the (income) strata.”

Source Name: 
Burlington County Times
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