November 7, 2005
Becky's Blurbs:Katrina Emergency Tax Relief Act of 2005
Today I received an e-mail from the CSO that had to do with giving a donation. However, the note provided some additional information about a particular incentive:
On September 23, President Bush signed the Katrina Emergency Tax Relief Act of 2005. Congress passed the law to help victims of Hurricane Katrina directly and to spark charitable giving generally. While the legislation provides many tax benefits to people and business actually affected by Hurricane Katrina, it also allows temporary tax benefits to anyone making a contribution to a Qualified Charity between August 28 and December 31, 2005. Gifts do not have to relate to hurricane relief. There is no minimum or maximum gift amount to qualify.Two pertinent things to bear in mind when considering the new tax law:
The new law permits individual donors who itemize their deductions to deduct up to 100% of their adjusted gross income for certain cash gifts (the normal limit is 50%).
• The 100% limit is only in effect for gifts made from August 28, 2005 through December 31, 2005.
• The increased limit applies to most charitable gifts made outright and in cash to public charities like the UIUC Library Friends Annual Fund, not just those made to charities that help hurricane victims.
BEL is in need of more donations for business reference books and databases to enhance faculty and student research. If one is interested in making a contribution, please contact the Library Development Office.
Posted by Becky at November 7, 2005 1:23 PM Posted to Becky's Blurbs