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|Local Not-For Profit Weighs In On Tax Reform
|Chairman of the committee on Ways and Means Dave Camp asked not-for profit groups to send in comments regarding their thoughts on Tax Reform and Charitable Contributions.
Local Not-for profit The National Association for the Exchange of Industrial Resources was among the many groups who weighed in on the matter.
Those comments have been written into the Ways and Means Committee's record to be used in a hearing regarding the tax reform and charitable contributions.
President of NAEIR Gary Smith tells WGIL putting a cap on charitable tax deductions will have a negative effect on non-profits.
"Now is not the time to start limiting charitable deductions for non-profits," says Smith. "Schools, churches, social service organizations - they have been hit already by lesser contributions due to the economy because of the recession so making it more difficult or less appealing for an individual to make a contribution is only going to make the matter worse, now."
Smith says Congressman Aaron Schock introduced a bill into the U.S House last year called the Charitable Contribution Parity and Enhancement Act.
However, Smith says nothing ever came of the bill and it has to be reintroduced this year.
The bill would give small business who have extra inventory laying around tax incentives to donate that material to not-for profit groups.
Those tax incentives would match what larger corporations are getting when they make charitable donations.
Smith comments and those of the other not-for profits that responded will be used for a hearing on the Tax Reform and Charitable Contributions in Washington sometime this week.
|02 18 13 by Newsroom
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