Aug 4, 2010
New York Passes Budget, Trims Charitable Deduction for Thousands of New Yorkers
Last night, 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.
ACR and The Philanthropy Roundtable joined efforts with other national nonprofit organizations to express opposition to this measure. ACR is also concerned that this may signal a trend we’ll see in other states and in Washington.
For full coverage, visit the Chronicle of Philanthropy.
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