News

United Way worried about 'fiscal cliff' impact

Written by Craig Layne and Radio Pennsylvania | Dec 24, 2012 4:10 AM
money budget

(Harrisburg) -- One of the commonwealth's major charities is worried about some key funding sources as the country moves closer to the "fiscal cliff."

United Way of Pennsylvania is concerned about the combination of automatic federal spending cuts and tax increases slated for January first.

President Tony Ross says it could create a one-two punch for many charities.

"You're looking at a loss of federal dollars directly to charities, and you're also looking at state budget cuts," Ross says. "We've already heard from (State Budget) Secretary Charles Zogby and the governor that potentially $300 million will be lost to Pennsylvania if we go over the cliff."

Ross says he's also urging the state's congressional delegation to preserve the federal charitable tax deduction.

This piece of the tax code encourages giving to non-profits in exchange for a tax break, but it could be eliminated as lawmakers search for ways to increase revenue.

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