Aug 10, 2010
ALERT - N.Y. Governor Signs Into Law Limits on Charitable Deductions
The Chronicle of Philanthropy reports that New York Governor David A. Paterson has signed into law a revenue bill passed by the state’s legislature that limits charitable deductions for wealthy residents. New Yorkers with state-adjusted gross incomes above $10-million annually—about 3,500 taxpayers— are now able to write off only 25 percent of their charitable contributions on their state income taxes rather than the previous 50 percent.
“The last thing on earth charities need is a disincentive from the government to people who are their donors, especially their biggest donors,” says Abigail Disney, New York philanthropist and grandniece of Walt Disney.
She makes a stark prediction: “New York is a leader in philanthropy, so what New York does I can’t imagine other states won’t follow,” she said, adding: “Congress could go looking at it, too.”