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Senators Propose Extending '04 Deduction Deadline for Tsunami Relief

This seems like a good , and inexpensive, idea to increase contributions for the relief efforts in Southeast Asia. From WebCPA.

Washington (Jan. 5, 2005) - Senate Finance Committee chair Chuck Grassley, R-Iowa, and ranking member Max Baucus, D-Mont., announced a plan Tuesday to extend the period of time in which Americans can claim tax deductions for charitable donations to assist victims of the earthquake and tsunami that hit Southeast Asia on Dec. 26.

Under the proposal, which comes a day after President George W. Bush named former Presidents Bill Clinton and George Bush to lead a massive fund-raising drive for the disaster, taxpayers would be able to claim a tax deduction in tax year 2004 for donations made for tsunami disaster relief until Jan. 31, 2005.

Under current law, taxpayers would have to wait until next year's filing season to claim a tax deduction for tsunami-related gifts made after Dec. 31, 2004. The proposal would be limited to cash gifts made specifically for disaster relief.

"Americans are giving generously to tsunami relief, as they did after Sept. 11. I hope this extension will encourage them to give even more," Grassley said in announcing the plan. He also advised taxpayers to research charities before giving in order to make sure their donations go to legitimate groups.

The proposal is mostly revenue neutral as only the year in which tax deductible donations are counted is changed.


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Comments (6)

To the extent that the rule... (Below threshold)
Kurt:

To the extent that the rule increases deductable donations (which I suppose it is designed to do, otherwise, why implement it?), it is revenue negative.

Any headline that starts wi... (Below threshold)
Paul:

Any headline that starts with "Senators Propose" makes me nervous.

Kurt, read it again. All it will do is let people deduct in in 04 v 05

Paul,I know. But th... (Below threshold)
Kurt:

Paul,
I know. But the intent is to increase donations (by giving people deductions sooner). This reduces revenues (more donations, more deductions, less taxes).

It is revenue neutral if pe... (Below threshold)

It is revenue neutral if people take from their '05 planned donations and give to the tsunami effort instead.

If people give their planed '05 donations AND a little more to tsunami relief, it's not neutral. I'm not calling it evil by any means, but it's revenue negative. Yet somehow it won't be counted in the U.S. aid relief totals.

Funny how that works.

They've talked about this a... (Below threshold)
firstbrokenangel:

They've talked about this all day today; I think it's a great idea and a great incentive.

Cindy

MY MESSAGE IS FOR EVRYBODY ... (Below threshold)
Amelia_Martinez:

MY MESSAGE IS FOR EVRYBODY TO MAKE A DONATION, IT IS REALLY WORTH IT, IT'S ALSO REWARDING I KNOW 'COZ I FEEL PROUD OF DOING IT, NOW IT'S YOUR TURN. AS I AM HALF MIDDLE EASTERN ASIAN, I FEEL GUTTED AND SHOCKED OF THE APPEARANCE OF THE TSUNAMI, THAT JUST GOES TO SHOW THAT LIFE IS 100% FULL OF SURPRISES. ASIA NEEDS YOU. HELP NOW PLEASE.
THANKS 4 UR TIME.

BY AMELIA MARTINEZ FROM LONDON




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