ADD MY NAME to Protect Universal Charitable Deduction!

The Center for Nonprofit Excellence and United Way of Central New Mexico share in the concern the New Mexico nonprofit sector has about potential consequences of the Tax Cuts and Jobs Act. Together, we collectively fund and support nonprofit organizations around the state. As 501c3 organizations ourselves, we are intimately acquainted with the challenges facing our sector.

 

The Tax Cuts and Jobs Act, a bill introduced to reform the US tax code, includes proposed changes to the charitable deduction. Like the version voted on in the House of Representatives, the current version of the Senate bill would cause significant reductions in charitable giving.

 

Despite technically preserving the “charitable deduction”, according to the Joint Committee on Taxation, under the House bill, 31 million taxpayers who currently claim the deduction will lose it. According to Indiana University’s School on Philanthropy, fundamental changes to the standard deduction would cause $13 billion in lost private donations to charities.  

 

Legislation and an amendment have been introduced that would mitigate the damage to the organizations and vulnerable individuals that benefit from the charitable deduction. 

 

To learn more about how the federal tax reform proposal impacts nonprofits, learn more from the National Council of Nonprofits.

 

Please act now by adding your name to the letter that will be sent to urge our U.S. Senators to protect universal charitable deduction.