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Daily Tax Report: State

Tax-Sheltered Donations Need New Rules, California Lawmaker Says (1)

May 11, 2020, 10:23 PMUpdated: May 12, 2020, 7:24 PM

Tax-sheltered charitable funds could get more scrutiny from the California attorney general under a bill that remains on lawmakers’ pared-down agenda as a tool that could boost donations during the coronavirus pandemic.

Assemblywoman Buffy Wicks (D) shifted her focus to the attorney general’s role with donor-advised funds after efforts stalled in January on a broader bill that would have required the funds to disclose more information about how much money is flowing in and out of them.

California loses about $340 million in revenue a year because of tax-deductible contributions to the funds and should know more about how...

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