Billionaire Family to Forgo Tax Deduction on Notre Dame Donation

French billionaire Francois-Henri Pinault and his family have vowed to forgo a 60 percent tax deduction on the 100 million euro ($113 million) donation they have pledged to the rebuilding effort for the Notre-Dame Cathedral in Paris.

The family’s April 17 announcement came as the French government said it will present a draft law to Parliament, as early as next week, that includes a specific tax incentive measure to bring in donations for the effort. The measure will be part of a framework to rebuild the cathedral, which was hit by a catastrophic fire two days earlier, it said.

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