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Massachusetts revives its charitable contribution deduction

March 2020

Overview

UPDATE: The Massachusetts FY 2021 Budget, enacted in December 2020 (Acts 2020), delayed the charitable contribution deduction to 2022.

For tax years beginning on or after January 1, 2021, Massachusetts allows individuals to claim a charitable contribution deduction against their Part B adjusted gross income.  In order to be deductible, a contribution must be paid on or after January 1, 2021 and meet all the requirements for deducting charitable contributions under Internal Revenue Code Section 170, except that no deduction shall be allowed for contributions of household goods or used clothing.

The takeaway

Charitable giving often is a key component in individuals' wealth management plans. The revival of the Massachusetts charitable contribution deduction provides an incentive to revisit those plans to determine whether current planning aligns philanthropic goals with state tax benefits.

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Frank Graziano

Personal Financial Services Leader, PwC US

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