IRS approves vacation donations for victims of Hurricane Katrina
New Orleans CityBusiness, Sep 13, 2005 by CityBusiness Staff Report
Employees can donate their vacation, sick or personal leave in exchange for employer cash payments made to qualified tax-exempt organizations providing relief for the victims of Hurricane Katrina, the Internal Revenue Service announced.
Under the program, employees can forgo leave in exchange for employer cash payments made before Jan. 1, 2007, according to the Internal Revenue Service.
Employees do not have to include the donated leave in their income. Employers will be permitted to deduct the amount of the cash payment.
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