[IPn] FYI - New Charitable Giving Incentives in CARES Act
Just recently, President Donald Trump signed into law the Coronavirus
Aid, Relief, and Economic Security (CARES) Act. The $2.2 trillion
rescue package comes in response to the economic fallout from the
coronavirus pandemic. The measure contains a number of provisions to
encourage greater charitable giving including:
Provisions Affecting Charitable Giving
Universal Charitable Deduction Provision. Taxpayers who are non-
itemizers may take an above-the-line deduction for charitable giving
up to $300 in cash contributions during 2020.
Increase of Itemizer Charitable Giving Cap. For 2020, the CARES Act
eliminates the current cap on annual deductible-contributions for
those who itemize. The law raises the cap from 60 percent of adjusted
gross income to 100 percent.
Corporate Giving Incentives. The law raises the annual giving limit
from 10 percent to 25 percent of taxable income.
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