Contact Your Senator Today! Final Coronavirus Bill Could Include Universal Charitable Deduction With Your Help

The Senate is coming back into session at 12:00 PM ET today, less than an hour from the time I am writing this post. House Speaker Nancy Pelosi is back in town and the Senate, House and President are negotiating a final coronavirus bill. Senate Majority Leader Mitch McConnell's bill includes a $300 per taxpayer universal deduction for charitable gifts. This means donors, whether itemizers or not, could make charitable gifts and receive tax benefits. The bill would also waive AGI limits for charitable giving for this year. The proposed Senator James Lankford amendment would increase the universal deduction to $4,000 for individuals and $8,000 for married couples. This amendment if made part of the final bill would be even more favorable to charities who need funding to continue their important work right now. There is also an effort to permit nonprofits to apply for emergency assistance (including loans that could cover up to 2.5 times a nonprofits yearly payroll costs). Ask everyone you know to contact their Senator today. Contact Senate leadership if you have a relationship. Ask the Senate to help all nonprofits by including the universal charitable deduction and assistance for nonprofits in the final coronavirus bill. You can help make a difference for good!

Copyright Notice & Disclaimer The above content is subject to copyright. ? Copyright Kristen Jaarda 2020. All rights Reserved. The above information is provided for educational purposes only, not to provide specific legal advice. By using this information, you understand and agree that there is no attorney-client relationship between yourself and the copyright holder named above and that this information is not a substitute for competent legal advice from a licensed professional attorney in your state.