United States tax administrators have granted charitable status to the Cayman Islands National Recovery Fund, meaning that donations to the Fund by both US corporations and individuals are now tax deductible.
The National Recovery Fund, an independent trust which relies on donations, was established in September 2004 following hurricane Ivan's destructive path over the Cayman Islands. Its aim is to give relief to those who suffered injury and loss as a result of the hurricane.
The campaign to persuade the US Internal Revenue Service to grant the Recovery Fund Section 501 (c) (3) status, the part of the US tax code which provides exemption for certain charitable organisations, was spearheaded by Cayman-based law firm Appelby Spurling Hunter.
Chairman of the Board of Trustees, Governor Bruce Dinwiddy, welcomed the news of the new charitable status, noting that it “will open the way for tax exempt donations by US taxpayers, whether personal or corporate.
“This is very helpful to our fundraising efforts with all US taxpayers, whether or not resident in the US,” he added.
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