Hurricane Tax Relief Package Offers Special Tax Benefits to Donors only to December 31, 2005


Hurricane Tax Relief Package Offers Special Tax Benefits to Donors only to December 31, 2005

The Katrina Emergency Tax Relief Act (KETRA) allows individuals who make cash gifts to any public charity, including Consumer Reports Foundation, by the December 31, 2005 to deduct an amount equal to 100 percent of their adjusted gross incomes
Also, under KETRA, an individual over the age of 59 ½ can withdraw funds from IRAs or other types of qualified retirement plans, use the cash to make the donation and deduct 100% of the amount of the retirement distribution used for the donation from their adjusted gross income. If, because of your age, you are required to take mandatory minimum annual distributions from your IRA or other qualified retirement plan, a gift of the withdrawn amount to a recognized charity will enable you to avoid any tax on the distribution—and to take the charitable donation deduction as well.
A new or increased gift to Consumer Reports will enable us to pursue our mission to work for a fair, just, and safe marketplace for all consumers, and to empower consumers to protect themselves. Consumer Reports stands alone as the most trusted source for objective, factual information and analysis and the one that addresses issues that affect the quality of life and safety for you and your family.
If you would like to make a donation, please contact Martin Kagan, senior director, development by phone at (914) 378-2164 or by e-mail (mkagan@consumer.org). If you have any questions, we suggest that you consult your tax advisor about the benefits of KETRA before making a gift.