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Thu December 22, 2011
Groups brace for end of charity tax break
Michigan taxpayers who want to get a state tax credit for some charitable donations have about a week and a half left before the credits expire. Governor Rick Snyder and the Republican-led Legislature eliminated the credits as part of a tax overhaul designed to help balance the budget.
Many groups say it's difficult to predict how the expiration will affect charitable giving.
“If you give people, ask them seven reasons why they give, for many people the financial and tax benefits is never number one.," said Cheryl Elliott, president of the Ann Arbor Community Foundation. "But it certainly can affect for people’s giving for how large their gift might be or when they make a gift.”
Along with food banks, other groups included in the expiring state tax credits are homeless shelters, community foundations, and public institutions – such as libraries, museums and public radio stations.