Will Cap on Tax Deductions Kill Charitable Giving?

The Congressional Supercommittee is racing to meet its deadline of November 23 to produce a plan that reduces the federal budget deficit by at least $1.2 trillion. Spending cuts, entitlement reforms, and altering the tax code are all on the table, and each decision could directly impact the ability of nonprofit organizations to provide essential programs and services in our communities.   We’ve been closely watching Washington to provide you with the latest news on proposals to reduce or eliminate the charitable giving incentive as part of any plan to cap or reduce the value of itemized tax deductions.

Last Monday, through the leadership of the National Council of Nonprofits, every member of the Supercommittee received the Nonprofit Community Letter – now signed by more than 4,000 nonprofits from all 50 states.   See who has signed so far.  As the November 23 deadline approaches, NOW is the time to let your individual voice be heard.  If these tax incentives matter to you and you think they are important to encourage continued philanthropic support of vital community services, especially in these current economic conditions, I encourage you to contact your Senators and Representatives by email, phone (202.224.3121) and/or tweeting to express your thoughts today.

There are many unknowns, but one thing I know for certain is what we hear from YOU, our nonprofit partners across the state – assuming that proposed cuts to vital programs, weakening of the charitable giving tax incentive and the expectation that nonprofits will simply “pick up the slack” from any cuts will most certainly leave many of our neighbors in trouble, just when they need help the most.  Please take a moment to consider how important your voice is in these discussions and let it be heard today.

Thank you for all you do to serve this Commonwealth.  We are honored to partner with you!

 

 

 

 

Danielle Clore

Executive Director

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