Senate bill could spur charitable giving
The Nonprofit Consultant
SEPTEMBER 27, 2006
New legislation, recently introduced in the Senate, would create tax-free "personal philanthropy accounts" to encourage pre-tax charitable giving. S 3881, introduced by Senators Isakson (R - Georgia) and Lautenberg (D - New Jersey), would allow workers to contribute up to $15,000 to nonprofits annually by payroll deduction. By making these deductions "pre-tax," it increases the employee's take-home pay (compared to making the donation after-tax) by reducing the amount on which taxes are calculat
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