Charities Lose Fight to Persuade Lawmakers to Adopt New Giving Incentives
The $1.7 trillion spending package President Biden signed into law shortly before the New Year left the biggest item on charities’ legislative agenda out in the cold.
Charities have been advocating for enhanced giving incentives ever since major tax legislation in 2017 doubled the standard deduction, a move that meant all but the wealthiest taxpayers itemized and therefore had access to the charitable deduction. A temporary measure to allow for a $300 deduction for charitable gifts for all taxpayers expired at the end of the 2021 tax year.
Action on the change fell victim to a larger disagreement between Democrats and Republicans on how to treat tax provisions that have nothing to do with charity. Unable to reach agreement, lawmakers decided to scrap a whole set of tax proposals, including the one designed to boost giving.
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Source: The Chronicle of Philanthropy
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