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Nonprofits anxious over new tax law

Posted at 5:40 PM, Jan 04, 2018
and last updated 2018-01-04 18:43:20-05

With this new year comes new changes to our taxes, but there';s something in the recently approved bill President Trump signed that affects nonprofits and charities. 

What this new tax law does is double the standard deduction for a single person to $12,000 and $24,000 for a married couple. 

Many who used to itemize deductions may see that its really no longer beneficial to do so. 

Nonprofit Association of the Midlands CEO Anne Hindrey said there's a lot of worry from their members, "Individual donations create the largest portion of our revenue stream so that's why we were so concerned about it".

According to a study from Indiana University, $13 billion a year will be lost from nonprofits nationally and over 230,000 jobs could be lost.

The Salvation Army in Omaha remains optimistic that people will still be in the giving spirit no matter what incentives are thrown their way. 

"Tax laws come and go, this one comes and then it expires in the 2020's sometimes and then reverts back to certain other things and so how that affects people is really up in the air at the moment," said Salvation Army Divisional Commander Major Greg Thompson.