N.Y. passes new law limiting tax deductions for people earning over $10 million

August 11, 2010 | By: .(JavaScript must be enabled to view this email address) Mark Blumberg
Topics: News

Here is an article on the Chronicle of Philanthropy about New York State’s new law limiting deductions for donors who earn over 10 million http://philanthropy.com/article/NY-Governor-Signs/123863/  It is thought that other states as well as the Federal government may follow this example.  There are some that argue the the more the merrier when it comes to tax incentives for people giving to charity.  However, as New York is seeing the greater the tax incentives for general charitable giving the greater foregone revenue needed to run basic government services.  This may be a ‘luxury’ they cannot afford.  Also while some donors are fixated on tax rates, according to a number of surveys tax barely figures in the equation. Will Canada follow NY’s example?  We will see.

Do you require legal advice with respect to Canadian or Ontario non-profits or charities?


Charity Lawyer Mark Blumberg

Mark Blumberg is a partner at the law firm of Blumberg Segal LLP in Toronto and works almost exclusively in the areas of non-profit and charity law.

Download vCard



Blumberg Segal LLP
Barristers & Solicitors
#1202 - 390 Bay Street
Toronto, Ontario
M5H 2Y2 Canada

Charity Law List

Join Blumbergs' non-profit and charities newsletter
View recent issue: June 2019