Measure Creates State Income Tax Deduction for Charitable Giving
Legislation sponsored by Senate Republican Leader Tom Kean that would provide a boost to state charities, offer relief to taxpayers, and increase support for communities in need has been approved by the New Jersey Senate.
Sen. Tom Kean was joined by advocates from the non-profit community for the Senate passage of legislation creating a state income tax deduction for certain charitable contributions. Pictured from left: Adam Perle, ArtPride; Jacob Toporek, NJ State Association of Jewish Federations; Samantha DeAlmeida, American Cancer Society; Sen. Tom Kean; and Linda Czipo, Center for Non-Profits. (SenateNJ.com)
The bill, S-2179, creates a state income tax deduction for contributions made to qualified New Jersey-based charities.
“This legislation will provide a significant boost to the non-profit charitable organizations that provide critical services to seniors, disabled residents, and families in need across New Jersey,” said Kean (R-21). “At the same time, we’re creating new opportunities for residents to obtain tax relief and for government to achieve savings. This legislation is long overdue.”
Click here to read Sen. Kean’s editorial in the Star-Ledger on the legislation.
Kean noted that New Jersey’s non-profits would receive approximately $30 in donations for every dollar the state loses in income tax revenues.
“This legislation would encourage charitable donations to community-based non-profits, including homeless shelters, food pantries, and social service organizations, and offset the need for more expensive government programs and services,” Kean added. “We know that our local providers often offer these important social services in a more caring and efficient manner than government. By supporting the good work our non-profits are already doing, we will make our communities stronger and government more affordable.”
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