Stimulus Bill Provides Nonprofit Loans, Grants, and One-Year ‘Universal Deduction’

Stimulus Bill Provides Nonprofit Loans, Grants, and One-Year ‘Universal Deduction’

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The $2 trillion stimulus bill expected to clear Congress Friday expands the charitable deduction to all taxpayers for a year, makes nonprofits eligible for federal loans that could be largely forgiven, and boosts tax incentives for corporate giving, according to nonprofit analysts.

Currently, only people who itemize their taxes can claim charitable deductions. The stimulus bill will allow nonitemizers to deduct up to $300 in cash giving for the 2020 tax year, according to an analysis of the legislation by the National Council of Nonprofits.

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Although nonprofit advocates are seeking more federal help for charities than the bill provides, including a $60 billion aid package specifically for nonprofits, there was widespread approval of the legislation with hopes for more to come later, including expanding the universal deduction.

"There is much to celebrate in this deal, but still a lot of advocacy needed," said Tim Delaney, president and CEO of the National Council of Nonprofits, in an emailed statement.

Source Name: 
The Chronicle of Philanthropy
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