LANSING, Mich. (WILX) – Michigan nonprofit leaders are urging lawmakers to bring back the charitable giving tax credit.
The credit was gotten rid of back in 2011 because of budget cuts, with research showing a drop in nonprofit donations.
Now bipartisan legislation is waiting in the state house and senate to bring back the charitable tax credit.
Nonprofits are still recovering from the pandemic and the high cost of inflation is affecting donations now.
It is medium and low-income families that are hurt the most. Aggregate giving remaining fairly high, but that is among large donations. The middle and lower-income donations are what build up over time and build habits for the long term. That’s what this tax credit is targeted for,” said Kyle Caldwell the President, and Council of Michigan Foundations.
The bills would provide a 50 percent tax credit for endowed funds at local community foundations The nonprofit leaders also want lawmakers to put the tax credit in this year’s budget.
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