Charitable donation deduction

From the 2024 DOR Tax Exemption Study

82.87.060(4) - Charitable donation deduction Description If certain conditions are met, for tax year 2022, an individual may deduct an amount donated to a qualified charity in excess of $250,000. The maximum deduction amount is $100,000. These amounts are adjusted annually for inflation. A donation must be for an organization or charity directed or managed within Washington to qualify. Purpose To incentivize charitable donations. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.279 $0.295 $0.304 $0.296 Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this deduction would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.000 $0.289 $0.281 Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions - This repeal takes effect January 1, 2025, and impacts 12 months of collections in fiscal year 2026. - Growth rate mirrors the long-term capital gains growth rate reflected in the Economic and Revenue Forecast Council's March 2023 forecast. - Individuals with estimated payments: - Will receive refunds in fall 2023, amounting to 12% of the estimated payments. - Will