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Charities May Face Hard Times with Tax Law Changes

Posted by Nina Whitehurst | Jan 03, 2018 | 0 Comments

There will most likely be some discussion before a tax proposal becomes a tax law.

There may be a heavy impact from a new tax law on charities making it less likely that people will donate to them, according to Reuters in "New U.S. law could curb charitable donations."

The Senate and the House of Representatives have both passed their own version of a tax reform bill but they remain far apart and negotiations are likely.

One thing the final bill might do is double the standard tax deduction people can take instead of itemizing their deductions. That would make it less likely that people will give to charities at the end of the year to lower their tax bills.

The other worry for charities is the gradual repeal of the estate tax that has been proposed.

Wealthy people often give to charities as a way to shrink the size of their estates to avoid the tax. If that is the sole motivation for giving, then charities could lose out.

Reference: Reuters (Nov. 30, 2017) "New U.S. law could curb charitable donations."

About the Author

Nina Whitehurst

Attorney at Law Nina has been practicing law for over 30 years in the areas of estate planning, real estate and business law She is currently licensed in Alaska, Arizona, California, Colorado, Oregon and Tennessee. Her Martindale-Hubbell attorney rating is the highest achievable: 5 stars in peer...


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