Income Tax
New Law Allows 2014 Tax Deduction for 2015 Donations to NYC Slain Police Officer Fund
This new measure provides instant tax gratification to taxpayers in the aftermath of a tragic killing of two New York City cops. While sitting in a marked police car in Brooklyn, Liu and Ramos were shot to death at point blank range on December 201, 2014.
Apr. 03, 2015
There’s still time for taxpayers to cut taxes on 2014 returns by making a charitable contribution. Under new a federal tax law signed by President Obama on April 1, 2015 – the Slain Officer Family Support Act of 2015 – a client may deduct certain donations made by the April 15th tax return due date against 2014 tax liability.
The bipartisan law, which was sponsored by House members Hakeem Jeffries (Dem.-NY) and Peter King (Rep.-NY), extends the usual deadline beyond December for donations funneled to organizations supporting the families of assassinated NYPD Detectives Wenjian Liu and Rafael Ramos. Normally, for a contribution to be deductible on a 2014, it would have to be made by December 31, 2014. Any contribution in 2015 would then be deductible on a 2015 return.
This new measure provides instant tax gratification to taxpayers in the aftermath of a tragic killing of two New York City cops. While sitting in a marked police car in Brooklyn, Liu and Ramos were shot to death at point blank range on December 201, 2014. The gunman then killed himself.
“The assassination of Detective Ramos and Detective Liu was a national tragedy, and it required a national response. We cannot bring these heroes back, but we must do everything possible to support the families they left behind. The passage of this law is a step forward in the healing process, and provides an immediate tax benefit to those who did the right thing in supporting the families of these slain detectives,” said Jeffries in a prepared statement.
Rep. King also commented on the signing of the bill. “The government has a moral duty to reward those who step forward in times of tragedy. The Slain Officer Family Support Act is critical to ensuring that those who kindly assist the families of slain NYPD Officers Liu and Ramos are rewarded.”
These sentiments were echoed by Sen. Charles Schumer (Dem.-NY). “Because NYPD Detectives Wenjian Liu and Rafael Ramos gave their lives in the protection of their fellow citizens, we have a sacred duty to honor their sacrifice and support their suffering families. That is why I am so proud that the Senate and House came together in a bi-partisan fashion to pass this legislation – originally crafted by my friend, Representative Hakeem Jeffries – that appropriately rewards the generous individuals in New York and across the country that made charitable donations to these families,” said Schumer.
The law also provides that contributions made to the families of the slain detectives from December 20, 2014 through October 15, 2015 by a qualified charitable organization will be treated as being related to its tax-exempt purpose.