Charitable Deduction Not Touched in Debt-Ceiling Deal
Submitted by Steve on August 3, 2011
From Lisa Chiu and Suzanne Perry at The Chronicle of Philanthropy:
A new law to increase the debt-ceiling limit does not make any changes in the tax deduction that donors receive for making charitable gifts...
“We assume that the new committee will certainly consider the cap on deductions,” said Jason Lee, a lawyer for the Association of Fundraising Professionals, a trade group that is opposed to reducing the value of the charitable deduction. “So we’re working under the premise that we still have our work cut out for us.”