November 17, 2017

Local Organizations Fear Loss of Donations Following GOP Tax Overhaul Vote

Some local organizations are worried about a loss of income from charitable donations if the Republicans’ proposed Tax Cuts and Jobs Act is passed.

The act would nearly double the standard deduction to around $12,000 for individuals and about $24,000 for married couples – reducing incentives for charitable donations.

The bill was passed mostly along party lines, with just 13 house Republicans voting no.

Local Republican Representative Peter Roskam co-sponsored the bill.

In a statement on his website Roskam writes the bill increases the standard deduction “to protect roughly double the amount you earn each year from taxes” and “continues the deduction for charitable contributions so people can continue to donate to their local church, charity, or community organization.”

Democratic Representative Bill Foster voted against the tax overhaul.

And in a media release, North Central College wrote the act would have a “devastating impact on higher education institutions, their employees, students and families” and “the elimination of itemized deductions for a majority of taxpayers will greatly reduce charitable giving.”

The Senate is set to vote next on its own version of the bill.

Naperville News 17’s Beth Bria reports.

 

 

 

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