Charitable giving incentives are receiving collateral damage from a tug of war between the federal treasury and the states over the December 2017 Tax Act’s limitation of the state and local tax (SALT) deduction to $10,000.
Many GiftWrap clients have gift annuity agreements with donors in states that require annual report filing and many of those clients follow a January-December annual financial calendar. Now is a good time for those clients, as well as others, to review their agreements to ensure they are prepared to meet the annual filing requirements.
If your organization has a purely "local" donor base, your planned giving program may not be affected by the laws of any state other than your own. But what happens when a key supporter moves to another state yet still wants to benefit the organization, whether through a charitable gift annuity or simply a bequest?
Certain aspects of Tennessee’s gift annuity law, relating to reserve fund requirements and submission of annual financial information, were amended effective April 16, 2012 (Public Chapter No. 743, House Bill 3781). Read the full text.
If your organization uses the annuity agreements contained within Planned Giving Manager (PGM) and has two representatives of your organization sign each completed agreement, a recent change by New York may affect you.
