- September 2010
- IRA Rollover Remains on Hold
- Estate Tax Bill Introduced by Senate
- Campaign-Finance Bill Stalls in Senate, Alleviating Advocacy Groups' Concerns
- Federal Government Awards $50 Million in First Set of Innovations Grants
- Supreme Court Decision Delivers Blow to Human-Rights and Aid Groups
- Supreme Court’s Ruling in College Case Could Impact Charities
- HHS Proposes HIPAA Regulations Changes Affecting Fundraising
- Religion-Based Groups Protest Restrictions in Bill
- Senator Wants More Disclosure by Non Profits about Donors
- Coalition Wants Charity Stipulation in Boston Hospital Deal
- States Seeks to Limit Nonprofit CEO Pay as Part of Budget-Cutting Efforts
- Two NY Charities Refuse to Return Gifts from Donor Convicted of Fraud
- Oregon Wants to Close Vets Charity Over Telemarketing Fees
- Florida Bars Fund Raising by Veterans Group
- NY Governor Signs Law to Limit Charitable Deductions for Wealthy
- Law Suit Claims Mismanagement Killed NY Hospital
- IRS Offers Small Charities ‘One-Time Relief’ Through Extended Deadline
- U.S. Postal Service Proposes Rate Increase
- All Pages
NY Governor Signs Law to Limit Charitable Deductions for Wealthy
The New York Governor signed into law legislation that applies to the approximately 3,500 New York taxpayers who earn more than $10 million annually and limits the deduction they can claim on their state tax returns to only 25 percent of their charitable contributions, rather than the current 50 percent.
This law is in effect for three years, including the current 2010 tax year. The charitable-deduction provision could generate up to $100-million revenue during the current fiscal year for the state, but NY nonprofit groups think the change will lead many wealthy people to give less money to charity.
Also the action in New York could set an example for other states that are looking for revenue during these tough economic times.