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Thursday, October 27, 2005

Big Charitable Tax Break in Katrina Bill

Take a 100% Deduction of Charitable Giving Until End of Year

The New York Times' Stephanie Strom is reporting today that a little noticed provision in the bill just passed for Hurrican Katrina relief will be a big boost for charities.
It allows donors who make cash gifts to almost any charity by the end of this year to deduct an amount equal to virtually 100 percent of their adjusted gross incomes, double the normal limit of 50 percent of income.
The provision extends the 100% deductibility to all income levels. While universities and large charities have been promoting the provision, many smaller charities are unaware of the provision.

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