Charitable Benefits of the American Taxpayer Relief Act of 2012
On January 1, 2013, both the Senate and House passed the American Taxpayer Relief Act of 2012 (ATRA). The bill resolved the “fiscal cliff” and includes a number of provisions that will be favorable for philanthropy and charitable giving. Fortunately, some of the proposals such as caps on charitable deductions or limits on tax savings from charitable gifts were not enacted. Because the general trend of the bill is to create higher tax rates for upper-income taxpayers, the benefits of charitable giving will be readily apparent to those individuals. For more information you may click here to download a document that summarizes ATRA.