The end of the calendar year always sees a surge in charitable giving. But this year is pivotal because we are on the verge of a significant U.S. tax overhaul. While there is uncertainty for 2018, we do have clarity for 2017.
Christy Eckoff, director of gift planning for the Community Foundation, recently shared her insights with The Chronicle of Philanthropy on how proposed changes in the tax bills may impact charitable giving. One important consideration for donors to think about is how capital gains taxes on appreciated assets may be addressed in new legislation.
“We’re encouraging people with highly appreciated assets to front-load their charitable giving this year,” Eckoff says in the article. “Currently there is great uncertainty around tax reform and what that means for the value of charitable deductions. Many of the current proposals, while keeping the charitable deduction, dramatically reduce the value of a charitable gift. With the current tax rates and capital-gains rates, charitable giving provides a great bang for your buck,” Eckoff added.
The Chronicle of Philanthropy story offers perspective from a number of nonprofits on how looming tax changes could impact donor giving. You can read the full article here.