Fundraising Association Supports Charity Legislation
Several provisions of the congressional bill, known as the CARE Act, would help increase charitable giving, according to Alexandria, VA-based AFP.
Some of these provisions would:
• Provide an enhanced deduction for donations of food and books to charities.
• Allow IRA holders to make charitable contributions from their accounts.
• Reduce the excise tax on foundations from 2 percent to 1 percent.
• Raise the contribution cap for certain corporations and expand incentives for others.
• Create a charitable tax deduction of $400 for individual taxpayers and $800 for couples who do not itemize on their tax returns.
• Modify the unrelated business income tax for charitable remainder trusts.
The bill was introduced by Sens. Joseph Lieberman, D-CT, and Rick Santorum, R-PA, and is supported by President Bush.