LAS VEGAS, NEV. – The Private Bank by Nevada State Bank released the latest edition of the High Net Worth Report series today. Issue 3 of 2020 summarizes recent charitable giving trends for high net worth households in Nevada. Using tax filing data for 2018, this issue examines the impact of the Tax Cuts and Jobs Act (TCJA) on charitable giving by high net worth households in Nevada and on charitable giving throughout the nation as a whole.
Highlights from the report include:
• Overall charitable giving in Nevada totaled $1.5 billion in 2018, a 24.2 percent decline from the record $1.9 billion in 2017
• High net worth households gave $979.2 million, a relatively modest decline of 7.7 percent compared to the $1.1 billion donated in 2017
• Giving by high net worth households accounted for two-thirds of total giving, an increase from about half as giving declined among lower-income households
• Overall, the share of individual tax filers who claimed a charitable deduction dropped from 21.5 percent in 2017 to 8.3 percent in 2018 under the first year of the TCJA
• Declines may be short-lived, however, as recent national data reported by Giving USA suggest that individual charitable giving levels rebounded in 2019 after a one-year adjustment to the new tax environment
• High net worth households deducted an average of $35,000 in charitable contributions compared to an average of $5,300 for all other income levels
• Average charitable giving by high net worth households increased by $7,400 in 2018
“Nevadans continue to be highly supportive of charitable efforts statewide” said James Rensvold, Executive Vice President and Director of Private Banking. “The COVID-19 pandemic notwithstanding, we expect Nevadans, and high net worth households, will show confidence in charitable organizations during and after this unprecedented time.”
The Private Bank High Net Worth Report will be made available on Nevada State Bank’s website at www.nsbank.com/HNWreport or by contacting The Private Bank directly at 702.855.4596.
About The Private Bank by Nevada State Bank (@NSBPrivateBank)
The Private Bank by Nevada State Bank provides a full range of personalized financial services for high net worth and high-income clients. www.nsbank.com/private.
About Nevada State Bank (@nevadastatebank)
Nevada State Bank, a division of Zions Bancorporation, N.A., is celebrating its 60th anniversary this year. Founded on Dec. 9, 1959, the full-service bank offers a complete range of consumer, private, and business banking services. Nevada State Bank’s colleagues regularly volunteer in their communities and have been dedicated to helping make Nevada a better place to live for the last 60 years. Zions Bancorporation, N.A. is included in the S&P 500 and NASDAQ Financial 100 indices (NASDAQ: ZION). For more information on Nevada State Bank, call 702.383.0009 or visit www.nsbank.com.