HURRICANE LAW SPURS GIVING

The Katrina Emergency Tax Relief Act, which allows donors to write off up to 100 percent of their income for cash donations made to any chariy through December 31, has increased donations not only at hurricane-relief groups, but also at colleges and universities, reports the Financial Times. The legislation, which passed in September, has spurred big gifts, particularly among the wealthy, by increasing the allowable tax deduction from 50 percent of a donor’s total income to 100 percent. Those deductions may add up to a loss of $10-billion in tax revenue to the federal government, the newspaper said.