Download our Mobile App                  

  Search The Site
Top News Stories...
Free clinic to raise funds for Oklahoma tornado victims set in Edmond, Okla., May 25

Coach Tyrone Lewis will host a clinic featuring Coleman Scott and collect donations to go to victims of Monday's tornado in Moore, Okla....

Wrestling Rule Change proposals approved at FILA Extraordinary Congress in Moscow, Russia

The rule change proposals as presented and approved at the FILA Congress in Moscow are available for review....

Armando Muniz and Carlos Palomino support Olympic wrestling

Professional boxing legends Armando Muniz and Carlos Palomino PSA to support Olympic wrestling...

CPOW Weekly Update for May 21, 2013

Content includes Lalovic new FILA President, many changes at FILA Congress, Rumble On The Rails, United 4 Wrestling, events at UN and Beverly Hills Hotel, Niagara Falls event and more....


Congress provides a significant one-time benefit to philanthropic donors

By Larry Nugent USA Wrestling
11/10/2005

Dear Supporter of Wrestling,

USA Wrestling wants to alert you to recent Congressional action that provides a significant one-time benefit to philanthropic donors.

The Katrina Emergency Tax Relief Act (KETRA) of 2005 signed by the President on September 23, not only provides tax benefits to victims of Hurricane Katrina but also contains provisions that are designed to encourage contributions to other charitable organizations that might experience a downturn in donations because people are giving so generously to hurricane relief organizations.

KETRA offers a short-term planning window for anyone who intends to make a significant charitable contribution by the end of 2005.

In brief, the bill does the following:

· KETRA suspends the percentage limitations for cash contributions made after August 27, 2005 and before January 1, 2006 to qualified charities and qualified contributions.
As you are aware, before KETRA, charitable contributions made by individuals are subject to percentage limitations, which limit the amount of the charitable contribution deduction to a percentage of the individual's adjusted gross income.

· In order to take advantage of this special rule, you must make an election on your federal tax return. If you make the election, a qualified contribution will not be subject to the percentage limitations and may be deducted up to the amount by which your adjusted gross income exceeds the deduction for your other charitable contributions.

To inform supporters of philanthropic programs related to the sport of wrestling, we wanted to make sure you were aware of this tax benefit.

We have provided a brief overview of the bill. Because of its complexity, we recommend that you consult with your tax adviser regarding large contributions before the end of 2005.

To discuss taking advantage of this congressional action through a donation to USA Wrestling, please call or write:
Larry Nugent/Director of Development
800-999-8531
lnugent@usawrestling.org

Thank you again for your support.
Untitled Document
   
© Copyright 2000-2013 USA Wrestling, All rights reserved.
Contents of this site may not used without the expressed written consent of USA Wrestling.