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New bipartisan bill would expand tax break for charitable giving
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A new bill introduced by a bipartisan group of lawmakers would expand a tax break for charitable giving in an effort to encourage donations to non-profits still reeling from the coronavirus pandemic.
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Introduced by Sens. Chris Coons, D-Del., and James Lankford, R-Okla., the Universal Giving Pandemic Response Act would allow taxpayers who do not itemize to get a charitable contribution deduction of up to one-third of the standard deduction for the 2019 and 2020 tax years. For individuals, the maximum deduction amount would be roughly $4,000; for married couples, it would be about $8,000.
US CHARITABLE GIVING SURGED TO RECORD-HIGH $450B LAST YEAR
The bill was co-sponsored by Sens. Mike Lee, R-Utah, Jeanne Shaheen, D-N.H., Tim Scott, R-S.C., and Amy Klobuchar, D-Minn.
"This proposal incentivizes additional giving during a time of crisis in our nation," Lankford said in a statement. "I am proud of the incredible work our bipartisan group of senators has done to help ease the federal tax burden for those who give to charities."