RAPID CITY, S.D. (KOTA TV) - Charities in KOTA Territory and across the country are preparing for the potential loss of contributions.
This comes as a result of the tax plan.
With this new bill the standard deduction - the amount taxpayers can subtract from their taxable income will rise from $12,000 for individuals and $24,000 for married couples.
This means that people who are close to that cut-off could potentially stop giving to charities. Which one charity has already seen.
"We actually just had a donor come in. Who had already donated, but had talked to their accountant and decided that through those conversations that they should give a little bit more this year because of those tax changes. So, there may be a bump in giving for this year. As people are looking at their dollars and talking with their accountants and unfortunately if they are making the decision to give this year because of that, that could mean that there is a dip next year," said Jamie Toennies, United Way Executive Director.
But, Toennies believes that the generosity of the Black Hills will continue despite the reduced deduction on charitable donations.