Itemized deductions, including charitable deductions, will be capped for high-earning taxpayers in Colorado starting next year. The Colorado Nonprofit Association (CNA) estimates the reduction in giving to charitable organizations could approach $100 million.
President Joe Biden is expected to sign a $1.9-trillion coronavirus relief package on Friday that includes billions for nonprofits after the House of Representatives passed it Wednesday (March 10).
Nonprofits can claim a few victories in COVID relief legislation approved by Congress last month, including a universal charitable deduction extending into 2021, in addition to some $320 billion available in various funding vehicles.
Many nonprofits continue to fight for survival as COVID-19 drags on
Some nonprofits are fighting for survival due to increased government restrictions and decreased donor funds, while others are being crowded out altogether by government assistance programs.
Leaders at the nation’s most influential nonprofits are pushing members of Congress to expand aid to the tax-exempt sector in any and all legislation that expands and builds on the Coronavirus Aid, Relief, and Economic ...