Last Day To Take Advantage Of Michigan’s Charitable Tax Credit
DETROIT (WWJ/AP) - Saturday is a big day for local charities in Michigan: It’s the last day you can get a state tax credit for donating to food banks, universities and other non-profits.
The credit gave taxpayers more than $40 million in write-offs on 2010 state tax returns. Michigan charities, meanwhile, raked in $100 million.
More than 250,000 people claimed one or more of the three Michigan charitable tax credits that year. But under a new tax law, they’re disappearing for donations made in 2012.
Tammy Zonker of United Way for Southeast Michigan said the decision by Michigan lawmakers to end those charitable tax breaks has caused some concern.
“Particularly for major donors and major investors, they are concerned about what the repercussions of that tax change may be for them and have concerns. I think that folks are hopeful that it may be repealed or there could be some changes still made, and there’s a lot of lobbying around that effort,” she said.
Even though the tax break is going away, Zonker thinks people will still give because they heart, not to save money on their taxes.
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