Tuesday, March 8, 2016

You Won't Believe This About New Jersey!

New Jersey is one of just 16 states without an income tax deduction for charitable giving. Connecticut, Delaware, New York and North Carolina are among dozens of states with lower income taxes than New Jersey and a deduction for charitable giving.

But now, in Asbury Park, NJ the Boys & Girls Club of Monmouth County hosted Senate Republicans Tom Kean and Jennifer Beck as they promoted legislation that would boost charitable giving to New Jersey charities on the front lines serving millions of children and families. Because these senators want to allow those deduction for New Jerseyans.

Senate Republican Leader Tom Kean and Sen. Jennifer Beck visited the Boys & Girls Club of Monmouth County to highlight legislation to help non-profits and charities that serve millions of New Jerseyans. (SenateNJ.com)

This legislation, S-1932 introduced Monday, would establish a charitable deduction for state income tax filers on the money and gifts they provide to Garden State charities.

“A study released by Damooei Global Research found that every dollar invested in Boys & Girls Clubs can generate 15 dollars of positive impact in the community, by way of improved safety and academic performance for children, as well as increased parental income,” said Douglas Eagles, Executive Director of the Boys & Girls Clubs of Monmouth County. “I am greatly encouraged by any effort to make it easier for caring folks to invest in their own communities.”

S-1932 is a modified version of bipartisan S-334, originally created and introduced in 2007 by Senate Republican Leader Kean.

“The children and volunteers we met today are truly inspiring, and the extraordinary efforts of BGCM for local families are something Republicans and Democrats can get behind,” said Kean (Union, Somerset, Morris). “In every corner of New Jersey, charities are struggling to obtain enough funding to serve their missions supporting children, families, seniors, people with disabilities, those with special needs and the most-vulnerable.”

“These are the organizations that are often the first to help people in times of crisis, which we witnessed first-hand during and after Superstorm Sandy,” said Beck (R-Monmouth). “It’s beyond time to level the playing field for New Jersey charities to continue making our communities safer and stronger.”

New Jersey lost $19 billion in net taxable income from 2004 to 2014, according to the latest IRS data, which shows a staggering amount in potential donations flowing to other states due to New Jersey’s noncompetitive tax structure. From 2004 to 2008, $70 billion in wealth left New Jersey, while the state’s charitable capacity declined by $1.13 billion, expressly due to a series of crippling changes in the state’s tax structure that made this state noncompetitive compared to neighboring states, according to Boston College’s Center on Wealth and Philanthropy.

“Democrat leaders signed on as co-sponsors of my original bill, and I welcome them to join us in pushing this new legislation,” Kean said. “I thank BGCM for their support, and we are hopeful that this legislation, presenting greater opportunities for people and charities, will swiftly pass.”

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