New Bill Could Increase Nonprofit Charitable Donations
“The Charitable Act,” a new bill in Congress, was introduced on January 24, 2023, by Senators James Lankford (R-OK) and Chris Coons (D-DE). As reported by The Nonprofit Times explains that the bill would allow anyone who donates to a charity to benefit from both the standard deduction and the charitable deduction. This would be a significant change from the current tax code, which only allows taxpayers who itemize their deductions to claim a charitable deduction.
The bill has the support of a number of nonprofit organizations, including the National Council of Nonprofits and the Charitable Giving Coalition. If the bill is passed, it could lead to increased charitable giving, which would benefit all nonprofits.
The bill is currently being considered by the Senate Finance Committee. If the bill is passed by the Senate, it will then go to the House of Representatives for consideration. The bill has a good chance of passing both chambers of Congress and being signed into law by President Biden.
The passage of “The Charitable Act” would be a major victory for nonprofits and would help them to continue their important work in communities across the country.Read more ➝