Connecticut Nonprofit CEO: Republican Tax Bill Is “Perfect Storm” For Nonprofits
By Frankie Graziano | December 20, 2017
“When you file your 2018 income taxes, you might notice that the standard deduction has essentially doubled. Exemptions will likely be eliminated and in its place, you might see a larger tax credit per dependent claimed. But it also raises at least one other big question: will you give as much to charity?
One sector that’s really worried about the effects is nonprofits. Gian-Carl Casa is head of the Connecticut Nonprofit Alliance, which lobbies for charities. He believes it will deeply impact charitable giving.
“People who take the deduction for charitable contributions contribute to nonprofits at about twice the rate of people that don’t,” Casa said. “So, it’s pretty easy to put together that there’s going to be a significant drop-off of charitable contributions as a result of the bill.”