Opening to Expand Charitable Giving Perk May Be Next Relief Bill

Opening to Expand Charitable Giving Perk May Be Next Relief Bill

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Calls are building for an expanded charitable giving deduction, which mean individuals could claim the perk regardless of whether they itemize their taxes. The third relief package (Public Law 116-136) made a $300 deduction available for those who claim the standard deduction. But nonprofit advocates hope the next package goes further—and the momentum to quickly dole out relief could finally push across the finish line an idea that has been on lawmakers’ minds for years.

“Right now, nonprofits are facing unprecedented challenges and we need every tool at our disposal to incentivize giving,” said Rick Cohen, chief operating officer of the National Council of Nonprofits. He said that in states where charitable contribution incentives have been expanded, donations have increased.

Source Name: 
Bloomberg Tax
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