Westchester County Business Journal: "Prospective federal laws worry nonprofits
By ALEX PHILIPPIDIS
Leaders of Westchester nonprofit groups last week expressed worries that new changes to federal tax law under study could force them to divert money and time spent on their missions, while drying up potential sources of donations.
The Senate Finance Committee has spent almost a year considering a series of measures that include stricter financial reporting rules, and changes to how nonprofit donors must record the value of their big-ticket donations.
A donation of land or of art work, for example, could have to be recorded based on what a donor paid for it years ago, not its current fair-market value as determined by appraisers. That would discourage such donations in the future, warns the head of one Westchester nonprofit. "
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