Charitable giving concerns halt plan expected to generate $166M
by Dale Denwalt
Lawmakers listened to concerns raised by nonprofits, former Sen. Tom Coburn and the business community Wednesday, after they all spoke out against a bill that would cap Oklahoma’s itemized tax deduction. House leadership confirmed that the bill was pulled primarily because of worries that it would affect charitable giving.
House Bill 2347 would be a two-year, $17,000 cap on itemized deductions. Most Oklahomans take the simple, standard deduction, but taxpayers also can choose to identify and separately list each one.
Itemized deductions are useful in lowering a person’s tax bill and can be claimed on charitable donations, medical expenses, property taxes, mortgage interest and certain other out-of-pocket expenses.
“We are potentially looking at pulling it back and making it where all charitable contributions would still be able to be itemized,” said House Appropriations and Budget Chairwoman Leslie Osborn.