Tax provision good news for rich donors | The San Diego Union-Tribune

Tax provision good news for rich donors | The San Diego Union-Tribune: "Feds may see bigger revenue loss

By Stephanie Strom
NEW YORK TIMES NEWS SERVICE

October 28, 2005

A little-noted provision in the tax-relief package to aid victims of Hurricane Katrina is shaping up as a windfall for charity and a drain on government coffers.

It allows wealthy donors who make substantial cash gifts to almost any charity by the end of this year to deduct an amount up to nearly 100 percent of their adjusted gross income – double the normal limit of 50 percent of income. The tantalizing prospect has set off a financial scramble among some wealthy donors and charities vying for their dollars."