Charities Seek to Prevent Limits on Deduction for Charitable Donations
As Congress looks for last minute ways to address the looming fiscal cliff, charities are becoming increasingly concerned that tax deductions for charitable donations may take a hit. The concern stems from the possibility that Congress will inadvertently limit charitable donations by placing a dollar limit on all itemized deductions, of which charitable donations are a part. It is possible that such a limit would have the effect of disproportionately impacting charitable giving in particular, as taxpayers find their itemized deduction limit consumed by large non-discretionary items like mortgage interest, state and local taxes, and healthcare.
See Fred Stokeld, "Charities Fighting to Prevent Limits on Charitable Deduction," 2012 Tax Notes Today 229-6 (Nov. 27, 2012).
Posted by Conan Yuzna, Associate Editor, Wealth Strategies Journal
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