Plan Could Aid Charitable Giving
Among President Clinton’s proposed changes in current tax law is one that would offer a major tax break for people making charitable gifts, according to documents released by the Administration Thursday.
The proposal would make all charitable donations fully deductible at current market value rather than at purchase price. The Treasury Department estimated this would cost the government $400 million over the next five years.
The change could be a boon to museums, universities and other nonprofit organizations if it encourages art collectors, for example, to donate items rather than holding them in private collections or selling them on the open market.
The same provision was passed by Congress last year but vetoed by President George Bush.
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