AREA ORGANIZATIONS GIVE BACK, PROVIDE ESSENTIAL SUPPORT, SERVICES
Hometown heroes come in many forms, and it’s been inspiring to see that so many organizations have answered the call of those in need. Here, at the MBA, we are fortunate to have so many right here in our membership region. And we want to say thank you!
From providing vital medical care and manufacturing personal protective equipment to holding food drives and donating money, area employers and their workforces have — and continue to be — critical to the relief and reopening of our communities amid the COVID-19 crisis. Thank you for going above and beyond, for keeping us safe, and for keeping our economy going.
And thank you for showing that our culture of philanthropy remains strong here in the tri-state region. The importance of giving back has never been so essential for our community and our nation.
In fact, one of the ways that organizations and individuals can give back is through provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The Act increased tax incentives for charitable giving for both individuals and corporations, hoping to stimulate philanthropy throughout America.
According to the Foundation Group, the CARES Act now allows individual
taxpayers to deduct donations to charity of up to $300 on their 2020 federal tax return, even though they take the standard deduction. Married-filing-
jointly taxpayers will get an above-the- line deduction of up to $600.
For those donors who are still able to itemize their deductions, and therefore directly write off gifts to charity, the current deduction cap is 60 percent of adjusted gross income to 501(c)(3) public charities. Corporations are able to deduct charitable donations up to 10 percent of taxable income.
The CARES Act lifts these caps to 100 percent for individuals and joint filers, while corporations will see their cap lifted to 25 percent for 2020. Experts say these are substantial changes to the tax treatment of donations and may deserve some attention.
In fact, in this issue of the Business Magazine, we’ll showcase many ways that companies are already giving back and some of the organizations that are continuing to need support.
We’ll hear from Highmark, Inc., on how the insurer has stepped up by taking a number of proactive measures to ensure that its members and communities are safe and continue to have access to care throughout and beyond the COVID-19 pandemic. We’ll also hear from The Erie Community Foundation President Mike Batchelor on how many companies and foundations have focused on providing relief and assistance during these unprecedented times.
Plus, we’ll recognize the many ways that employers are contributing their resources during the COVID-19 crisis.
The Manufacturer & Business Association is dedicated to providing programs and services that will help employers succeed. To learn more, visit our COVID-19 Employer Resources page at mbausa.org.
