New tax law scales back reward for giving, local charities concerned. The new law "really could have a devastating effect on our community," said Hannah Randall, CEO at MANNA Food Bank.
The new tax code doubles the standard deduction thereby reducing the number of tax filers who itemize from 40 million to 9 million under the new law. Because only itemizers will be able to benefit from a charitable gift deduction, this means less than one-fourth as many American taxpayers will have an incentive to make a charitable.
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The law authorizing charitable contribution deductions for nonitemizers expired at the end of 1986, and was not renewed by Congress. Accordingly, since 1987, taxpayers who are not able to use Schedule A have received no tax benefit from making charitable contributions.
Giving to Charity: Strategies to Ensure a Tax and Human Benefit Under New Tax Law. The Tax Cuts and Jobs Act (TCJA) went into effect on Jan. 1. It will take several years to figure out all of the winners and losers, but some of the obvious losers are universities, charities, churches and foundations. Basically, any organizations that offer a tax benefit for giving and, by extension, their donors.
Establishing a DAF as a charitable giving vehicle allows you to make a charitable donation, receive an immediate tax deduction and then recommend where those donations should be granted over time. With a DAF you could make a single large donation and then grant the funds to your favorite charities over a period of several years.
GOP tax reform bill could hurt nonprofits if donations drop. The Community Foundation of the Eastern Shore distributed $5.2 million to local charities last year and operates as a clearinghouse of information for nonprofit leaders. It’s hard to say what effect the changes will have on Delmarva, said Erica Joseph,