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Effects Of The Tax Cuts And Jobs Act Of 2017 On Nonprofits’ Charitable Contributions, Megan J. Drenth
Effects Of The Tax Cuts And Jobs Act Of 2017 On Nonprofits’ Charitable Contributions, Megan J. Drenth
ELAIA
Background The Tax Cuts and Jobs Act (TCJA), passed in 2017, significantly altered individuals’ taxes for all filing statuses, notably increasing the standard deduction. By nearly doubling the standard deduction, it considerably decreased those individuals choosing the itemized deduction. Due to this, it may impact charitable contributions, a major source of nonprofits’ revenues. Prior studies projected a variety of stances regarding changes in giving levels due to the TCJA. This study attempted to determine the overall effect of the TCJA on nonprofits, as well as within the National Taxonomy of Exempt Entities (NTEE) major groups Education, Health, Human Services, Public …