ACR NEWSLETTER

August 10, 2010 - 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. Read full coverage here.

August 4, 2010 - The New York Senate joined the Assembly in passing a budget plan that included a provision limiting the deduction for those who earn more than $10 million annually to only 25 percent of their charitable contributions, rather than the current 50 percent. This affects approximately 3,500 New York taxpayers and would be in effect for three years, including the current 2010 tax year. Governor David Paterson is expected to sign the budget into law.

Read coverage here

July 19, 2010 - Susan Hager, president & CEO of the United Way of New York State, penned an op-ed in yesterday’s New York Daily News to draw attention to the governor and state legislature’s efforts to cap the charitable deduction in an effort to raise revenue.

July 13, 2010 - The challenge to NY’s proposed cap on the charitable deduction continues. Now, twenty-five major nonprofit organizations have signed onto a memorandum of opposition to S. 6610-B/A 9710C including the Philanthropy Roundtable.

June 30, 2010 - The Philanthropy Roundtable joined with other organizations on a memorandum of opposition to the New York governor and legislature’s proposal to cap the charitable deduction (S. 6610-B/A 9710C).

The Roundtable also sent a letter expressing opposition to the proposal to Governor David Paterson, New York state legislators (Senators John Sampson, Carl Kruger and Liz Krueger and Assemblymen Sheldon Silver, Dennis Farrell, Ronald Canestrari and Jonathan Bing) and key legislative staff. 

Roundtable president Adam Meyerson writes:  “The Philanthropy Roundtable believes that this proposal would significantly limit the amount of charitable dollars available to worthy New York charities and set a dangerous precedent for other states and the federal government.”

June 29, 2010 - NY State Legislature to Vote on Capping the Charitable Deduction

The New York State Legislature is now engaged in heated negotiations over the state’s long-overdue budget.  This budget contains a new provision that significantly reduces the charitable deduction for high income New Yorkers.  It would allow donors earning $10 million or more to deduct only 25% of their contribution, cutting the deduction by one-half from the current cap of 50%.

The Alliance for Charitable Reform has vigorously opposed similar proposals at the Federal level and is an active member of a coalition that monitors this issue here in Washington.  We are voicing our opposition to the New York provision as well.

For further information, see a petition signed by United Way of New York State, United Jewish Appeal-Federation of Jewish Philanthropies, the New York State Catholic Conference and American Red Cross of New York State.  These groups are circulating this petition in Albany and encouraging nonprofits across the state to weigh in.

8/10 N.Y. Governor Signs Into Law Limits on Charitable Deductions, Chronicle of Philanthropy

8/4 New York Legislature Passes Plan to Limit Charitable Deductions for the Wealthy, Chronicle of Philanthropy

7/18 Stop New York’s Galling Assault on Charities: United Way chief says poor people will suffer, York Daily News

7/7 NY Plan to Cut Wealth Tax Break Worries Charities , Reuters

7/6 Charities Balk at Budget Bill, Crain’s New York Business

7/5 Rich Man, Poorer Man: Albany’s Plans to Soak the Wealthy Will Backfire , New york Daily News

6/29 For Poor New Yorkers, a Little Less of Everything, New York Times

6/29 Nonprofit Groups Try to Block New York Charitable-Deduction Limit, Chronicle of Philanthropy

6/25 Charitable-Gift Tax Break Eyed, Wall Street Journal