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March 30, 2015

Vermont Nonprofits Fight State Plan to Limit Deductions

Vermont charities are pushing state senators to reject a measure passed by the Vermont House on Friday that would cap taxpayers' itemized deductions, including those on charitable donations, the Burlington Free Press reports.
The measure would set maximums of $15,500 and $31,000 for single and married joint filers, respectively, 2 and a half times the federal standard deductions.

Legislators hope the deduction cap will raise $35 million in new revenue and help Vermont bridge a budget shortfall, but nonprofit leaders say it could compromise fundraising efforts. Testifying against the bill at a Senate hearing last week, Martha Maksym, head of the United Way of Chittenden County, called on lawmakers to distinguish between tax breaks for things like mortgage interest and those that provide "a benefit that goes beyond the taxpayer and really serves the greater good."