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Updated: 10:50 AM Dec 30, 2005
Tax Law Affects Donations
A new tax law is hurting some charity donations.
Posted: 5:24 PM Dec 29, 2005Reporter: Lisa Ferrari |
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December 29, 2005
A new tax law is hurting some charity donations.
Goodwill of central Virginia said car donations are down 50 percent. They blame a new law that only allows donors to deduct the price the car goes for at auction and not its street value.
Other local charities like the Salvation Army are also affected.
“The newer tax law for the donated vehicles I believe is responsible for a 30 percent decrease in the number of donated vehicles,” said Major Bruce Smith of the Charlottesville Salvation Army.
The Salvation Army says that 30 percent decrease amounts to about a $20,000 loss.
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