On March 1, a bipartisan group of U.S. Senators introduced the Charitable Act (S.566) that would create a non-itemizer, universal charitable deduction.
Specifically, the bill would enable taxpayers who take the standard deduction (about 88% of taxpayers) to deduct charitable donations of up to one-third of the standard deduction, or about $4,600 for individuals and $9,200 for married couples based on the current standard deduction.
In introducing the legislation, Senator James Lankford (R-OK), said, "Our families, our churches and other nonprofits are the first and most important safety net for the most vulnerable in our communities.” He observed, “Our nonprofits provide our neighborhoods and families vital job training, compassionate homeless assistance, food in times of crisis, and spiritual counsel during our best and worst days."
Senator Chris Coons (D-DE) stated, “In Delaware and across our nation, we’ve always stepped up in extraordinary ways to meet the needs of our communities.… I am proud to have worked on the Charitable Act that will expand and extend the deductions Americans can claim to encourage even more Americans to embrace the civic virtue of charitable giving.”
The bill was introduced with 10 bipartisan cosponsors; a House version of the measure is expected in the coming weeks. Key letters of endorsement from the National Council of Nonprofits and the Charitable Giving Coalition were released last week.
From Nonprofit Champion
