Window Closing for
Tax Break for Philanthropy
The start of the New Year will also signal the end of an unusual opportunity for philanthropy provided by the Federal government.
Under the Katrina Emergency Tax Relief Act of 2005, the Federal government has waived restrictions on income tax deductibility of large cash donations to public charities.
Texas A&M International University's Office of Institutional Advancement is working to get the word out to its donors about the rare giving opportunity, said Candy Hein, vice president for institutional advancement.
"Essentially, this allows donors who make cash gifts to almost any charity by the end of this year (Dec. 31, 2005) to deduct an amount equal to virtually 100 percent of their adjusted gross incomes, double the normal 50 percent of income. This little-noted provision has the potential to help encourage charitable donations," Hein said.
She noted that while the University is not able to provide tax advice, it is encouraging its donors to consult with their tax attorneys, accountants or financial planners to determine if the opportunity could help their financial end-of-year planning.
"Tragedies often open the door to bright possibilities. Beginning as a response to the sadness of Katrina and Rita, our government has provided an exciting possibility for interested philanthropists," she noted.
The University recently dedicated a donor wall in recognition of those donors who over the past 35 years have contributed some $50 million to the University, its students and its programs. The wall is located in the Student Center.
For additional information, please contact Hein at 326.2175, e-mail firstname.lastname@example.org, visit online or visit offices located in the Sue and Radcliffe Killam Library, room 262.
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