NEW TAX LAW COULD DEAL DEATH BLOW TO CHARITIES AND NON-PROFITS: Taxpayers claim charitable contributions, along with mortgage interest, property taxes and some other expenses, as deductions from their taxable income if they itemize and the total exceeds the standard deduction. For some people – particularly those with higher incomes – the deduction for charitable gifts has served as an important incentive for giving because it helps reduce taxes owed. Operators of some nonprofits are hopeful Congress may still act. If not, and if charitable giving drops $13 billion nationally as one economist has predicted, North Carolina charities could be expected to take a big hit. So could the people who depend on them. In the state, Heinen said, nonprofits collect and spend roughly $42.5 billion a year and employ about 10 percent of the workforce. In the Triangle, they include Duke University Medical Center and WakeMed hospitals.
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