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Charitable Deductions Update

By Intellectual Property Law, Esq.

The Chronicle of Philanthropy reports that the Baucus bill includes a 35 percent cap on charitable deductions by wealthy taxpayers (defined as individuals earning $200,000 and families earning $250,000):

"That is less drastic than the 28-percent limit proposed by President Obama. But a coalition of nonprofit leaders this week sent a letter to Mr. Baucus opposing the amendments, saying they would create a disincentive for charity?s biggest donors during a 'tough charitable giving environment.'

"'Charitable organizations are dealing with enormous financial challenges stemming from the economic downturn,' says the September 21 letter, which was signed by representatives of 14 groups including the American Association of Museums ...."

Full post as published by The Art Law Blog on September 30, 2009 (boomark / email).