US HB8817 | 2019-2020 | 116th Congress
Status
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: Introduced on November 24 2020 - 25% progression, died in committee
Action: 2020-11-24 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on November 24 2020 - 25% progression, died in committee
Action: 2020-11-24 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Increases the cap for corporate charitable tax deductions from 25% to 100% of a corporation's taxable income for taxable years beginning in 2020 and 2021. This increase encourages corporate donors (e.g., restaurants and retailers) to donate excess inventory rather than destroying it. The bill allows a carryover of excess inventory into the succeeding taxable year. The bill also directs the Department of the Treasury to revise regulations with respect to the treatment of inventory as costs of goods sold for purposes of the charitable tax deduction.
Title
Preserving Charitable Incentives Act
Sponsors
Rep. Jimmy Panetta [D-CA] | Rep. Adrian Smith [R-NE] | Rep. Brian Fitzpatrick [R-PA] |
History
Date | Chamber | Action |
---|---|---|
2020-11-24 | House | Referred to the House Committee on Ways and Means. |
2020-11-24 | House | Introduced in House |
Subjects
Administrative law and regulatory procedures
Charitable contributions
Department of the Treasury
Income tax deductions
Taxation
Charitable contributions
Department of the Treasury
Income tax deductions
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/house-bill/8817/all-info |
Text | https://www.congress.gov/116/bills/hr8817/BILLS-116hr8817ih.pdf |