Secure As Many Charitable Contributions
As You Can Before the End of This Year
As you know, the nonprofit industry is extremely concerned about the potential negative impact on charitable giving that this new tax reform law presents: researchers anticipate a loss in charitable giving of almost $20 billion annually. It will reduce the number of taxpayers
who can still itemize
deductions.
Working in partnerships with the nonprofit industry, we must all begin
to document the actual impact over the next year on our nonprofits'
charitable contributions. We need hard evidence to make the argument
for a "Universal Charitable Deduction" in future tax-policy discussions.
We understand that all of these changes are happening at the worst
possible time to make any solicitation changes to your annual
end-of-year fund-raising campaigns; however, you might want to alert
your donors and encourage them to make their contributions this year
in order to secure their donations' full tax-deductible values; if they
had substantial gains in the market, ask them to consider donating
appreciated securities this year; and any other future donations that
some donors might consider making before the end of this year
instead of waiting next year.
These are complex new laws, and we encourage you to speak to your
professional financial advisers now to chart a last-minute course to
secure the most contributions for our arts and culture nonprofits.
Thank you for your support of Florida's arts and culture industry. Your contributions matter to sustain this creative industry for both residents and tourists for years to come.
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