New Tax Incentives For Giving … But Get Cranking!
Holly Hall and Elizabeth Schwinn of The Chronicle of Philanthropy have written an excellent overview of tax incentives that will affect major gifts and bequests. Their article appears in the September 14th issue of The Chronicle and is available free online here.
Unlike most of the trade coverage involving taxes, this piece cites hands-on examples of how the 'winners' and 'losers' affected by this new legislation are dealing with the new changes in the tax law — changes many say are the most significant in 30 years.
Among the “winners,” conservation and evironmental groups. “Losers”? Museums and charities that take gifts-in-kind like used clothing, furniture and other goods.
This is a must-read for any fundraiser now focusing on year-end campaign plans. The piece has some interesting examples of what fundraisers are doing to capitalize on the opportunities.
Perhaps the most important takeaway: many of the provisions designed to encourage giving are scheduled to expire already at the end of 2007. So get cranking!