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June 18, 2015

N.C. Charities Say State Senate Budget Plan Would Reduce Nonprofit Services

North Carolina nonprofits say the state Senate's budget proposal would make it harder for them to provide services by limiting the state and local tax breaks a charity can receive, Raleigh's WRAL radio station and The Stanley News & Press report.

Currently, nonprofits in the state can claim up to $45 million in tax exemptions each year. The new budget would reduce that to $1 million annually by 2020.

Another budget provision would cap the annual charitable gift deduction at $20,000, which nonprofit leaders worry will discourage individual gifts.