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Is it true that the Katrina tax relief bill, which provides that donors may deduct up to 100% of their income this year, does not apply to gifts to supporting organizations or donor advised funds?
Yes. Congress has passed the legislation to allow donors who added contributions between August 28 and December 31 to deduct up to 100% of their contribution base, essentially their adjusted gross income, on this year’s tax return. The donations do not have to be made for hurricane relief, but they do not qualify if they are made to supporting organizations or to donor advised funds.
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