To extend the charitable deduction to all taxpayers regardless of whether a taxpayer itemizes deductions in order to encourage and increase charitable giving, and to provide for loans and loan guarantees to certain public charities.
About This Bill
Committee
Latest Action · March 27, 2020
Referred to the House Committee on Ways and Means.
This bill allows taxpayers to claim a tax deduction for charitable contributions even if they do not otherwise itemize their deductions.
The bill also directs the Department of the Treasury to make or guarantee loans to tax-exempt charitable organizations. The aggregate amount of such loans may not exceed $60 billion. Treasury must give priority in making such loans to organizations that are providing direct assistance to the COVID-19 (i.e., the coronavirus disease 2019) response effort.
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