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]

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.

Tracking Information

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Title

Preserving Charitable Incentives Act

Sponsors


History

DateChamberAction
2020-11-24HouseReferred to the House Committee on Ways and Means.
2020-11-24HouseIntroduced in House

Subjects


US Congress State Sources


Bill Comments

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