TUCSON, Ariz. — Many give money to non-profits because they love to give, but it is also nice to get a tax deduction. This year, there was a change in the state tax law (HB2757). The change allows people to take a deduction for some of the funds they give to charities even if you don't itemize your taxes.
"The big change this year, is that people who are using the standard deduction on their state income taxes can also get a tax benefit for the money they donate to local nonprofits," said Kate Jensen, the CEO of the Ronald McDonald House Charities in Tucson.
Alliance of Arizona Nonprofits said, this state tax law was needed because changes to federal tax laws eliminated the financial incentives to donate to nonprofits. Compensating what the federal law lacked in nonprofit giving benefits.
"They were concerned that the donations across the state could drop dramatically. And the Alliance of Arizona Nonprofits really lobbied hard to make this change," said Jensen.
The Alliance of Arizona Nonprofits is a statewide organization that represents the interest of thousands of nonprofits. The group saw this as a real problem for nonprofits.
"We have a feeling that the changes may effect smaller nonprofits more that don't have robust fundraising programs," said Jensen.
Something Jensen is happy is in effect, as nonprofits thrive on community support. For more information on the new state tax law -- visit https://arizonanonprofits.site-ym.com/