New Tax Incentives for Charitable Giving
The Charitable Giving Incentive included in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (s.748) includes a new above-the-line deduction for total charitable contributions of up to $300 for all taxpayers whether they choose to itemize or take the standard deduction. The incentive applies to contributions made in 2020 and would be claimed on tax forms next year.
For individuals who itemize, the bill also suspends the 50 percent of adjusted gross income limitation on annual contributions. For corporations, the bill raises the annual limit from 10 percent to 25 percent of taxable income. Food donations from corporations have been increased to 25 percent, up from the current 15 percent cap.
These incentives are covered in sections 2204 and 2205 of the bill. For more information, refer to the entire CARES Act here.
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