In Hurricane Tax Package, a Boon for Wealthy Donors - New York Times

In Hurricane Tax Package, a Boon for Wealthy Donors - New York Times: "October 27, 2005

A little-noted provision in the tax relief package to aid victims of Hurricane Katrina is shaping up as a windfall for charity and a drain on government coffers.

It allows donors who make cash gifts to almost any charity by the end of this year to deduct an amount equal to virtually 100 percent of their adjusted gross incomes, double the normal limit of 50 percent of income. The tantalizing prospect has set off a financial scramble among some wealthy donors and charities vying for their dollars.

'I just keep thinking there's got to be a catch, they can't really be doing this,' said C. Kemmons Wilson Jr., a Memphis businessman whose father was the founder of Holiday Inns Inc."