Capping the Charitable Deduction

Official Statement of Philanthropy New York on:

Capping the Charitable Deduction

The Obama Administration has proposed a percentage cap or maximum tax rate against which all itemized deductions may be deducted, folding charitable giving into the mix. While some tax experts and researchers report that a cap will have only a moderate effect on giving, many leaders in the non‐profit sector insist that a cap will significantly diminish contributions. Consistent with the Philanthropy New York’s mission to enhance and expand philanthropy, PNY supports public policy that encourages charitable giving. PNY recognizes the role that tax policy plays in encouraging and structuring gifts that support nonprofit organizations and communities.

Philanthropy New York supports maintaining full deductibility of itemized charitable deductions.

Date of recommendation by the Public Policy Committee: August 19, 2013

Timeframe of open member commentary period: August 19 ‐ September 5, 2013

Date of official approval by Board of Directors: September 17, 2013