Katrina tax relief could help local charities -
[Cached Version]
Published on: 12/14/2005
Last Visited: 12/14/2005
So, in September, when Congress passed the Katrina Emergency Tax Relief Act, it provided a way for other charities to get some assistance, Todd Rust, a financial consultant with J.J.B. Hilliard, W.L. Lyons Inc., said Tuesday.
"They created enhanced benefits for all charitable deductions," he said.
Basically, Rust said, the bill allows people to give up to 100 percent of their adjusted gross income to charity -- and deduct it all from their taxes.
Donations have to be in cash, which includes credit cards, debit cards and checks.
In the past, Rust said, the contribution level was capped at 50 percent of adjusted gross income.
"It could potentially wipe out someone's tax liability," he said.