N.Y. Governor Signs Into Law Limits on Charitable Deductions

New York Gov. David A. Paterson has signed into law a revenue bill passed by the state’s legislature that limits charitable deductions for “high earners”—a move that has nonprofits and a prominent New York philanthropist worried about a related significant loss in contributions to charity. The law puts new limits on tax deductions for people with state- adjusted gross income above $10-million annually—about 3,500 taxpayers in New York. Those residents are now able to write off only 25 percent of their charitable contributions on their state income taxes rather than the previous 50 percent. The provision in the budget