Concern Grows Among Charities Over N.Y. Plan to Reduce Tax Break
July 8, 2010 | Read Time: 1 minute
Nonprofit groups in New York are sounding alarms over a proposal to halve the tax break on giving for the state’s wealthiest residents, Reuters reports.
State lawmakers seeking to close a budget deficit are mulling a proposal to cut from 50 percent to 25 percent the deduction on charitable donations for the about 3,500 New Yorkers who earn more than $10-million a year. The change could add as much as $100-million to state coffers.
Nonprofit leaders say reducing an incentive for the rich to give would further hurt charities that have been hit financially by the recession, especially in New York, which is home to nine of the country’s 50 biggest givers as ranked by The Chronicle of Philanthropy.
