ACTION ALERT – CHARITABLE DEDUCTIONS – Vote NO on HB2347
Contact your Legislator Today!
Tell them, “Vote NO on HB2347.”
Keep our charitable giving incentives intact by voting NO on a cap for itemized deductions!
Today, HB2347 was passed out of committee and will go to the House floor very soon (as soon as tomorrow). It will place a new cap on itemized deductions. Currently, Oklahomans receive the same itemizations as their federal tax return. This cap at $17,000 will disincentivize giving. We need our nonprofits, philanthropists, foundations and corporate donors’ voices to be heard. Don’t let the Oklahoma Legislature balance the budget on the backs nonprofits and the people we serve!
In a statement from Marnie Taylor, President and CEO of the Oklahoma Center for Nonprofits, she said, “At a time when nonprofits are asked to do more and more with fewer resources, the Legislature’s proposal to cap itemized deductions that include the charitable giving deduction will choke off funding from our donors. Charitable giving is the lifeblood for nonprofits, and we know that 12 percent of all charitable giving comes into nonprofits in the last three days of the year. This just shows that the charitable giving incentive is important to Americans and to Oklahoma donors.
“We feel very strongly that we should not continue to balance our budget on charity – either by shifting the burden to nonprofits or taking away the very incentives that encourage people to donate to charity. The optics of this are terrible for Oklahoma. This happened in Hawaii a few years ago, and they ended up reinstating the charitable deduction just two years later because it was such a disaster. I know that our Legislature can find better ways to increase revenue to support core services without damaging the charitable sector that fills the ever-increasing gaps in service.“
Call your representative today! Leave a message with their assistants. Email your legislator. Our nonprofits could be irreparably harmed by this legislation.
“If lawmakers truly want effective tax policies and more efficient government, then we also need a thriving charitable nonprofit sector that provides essential services for the people who need them the most.” – Mayor Walter Weeks, Coats N.C.
The tax laws in many states encourage individuals to give to charitable organizations whose missions they support by providing an itemized deduction or tax credit. Tax reform efforts in recent years in some states have sought to cap or eliminate charitable giving incentives. Reduction or removal of charitable giving incentives threaten the ability of nonprofit organizations to serve people in need and to continue to strengthen work in communities.
Limitations on state charitable deductions and other giving incentives effectively remove motivations for donations to churches, domestic violence shelters, early childhood programs, food banks, school alumni groups, and all other charitable nonprofits, and would further reduce the ability of charitable organizations to meet the increasing need for services in their communities.