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News - Vehicle donations to charities plunge after change in tax law - sacbee.com: "Vehicle donations to charities plunge after change in tax law
By Will Evans -- Bee Staff Writer
Published 2:15 am PDT Tuesday, April 12, 2005
Car donations to charity have slumped in the three months since a new federal law tightened regulation of vehicle gifts, according to charities and car donation companies.
The tally of first-quarter vehicle gifts to nonprofit organizations came as legislators discussed more charity regulation last week during a U.S. Senate Finance Committee hearing in Washington.
Since Jan. 1, donors can no longer take a tax deduction for the 'fair market value' of their vehicle, if the value is more than $500. They must use the vehicle's sale price - often much lower - to calculate their tax benefit."
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