New York Changing Tax Deductions for Wealthy

from The Chronicle of Philanthropy:

New York Legislature Passes Plan to Limit Charitable Deductions for the Wealthy

The New York Senate last night joined the Assembly in passing a budget plan that has a provision that would apply to the approximately 3,500 New York taxpayers who earn more than $10-million annually and limit the deduction they can claim on their state tax returns to only 25 percent of their charitable contributions, rather than the current 50 percent.

The provision in the budget plan, which Gov. David Paterson is expected to sign into law, would be in effect for three years, including the current 2010 tax year.