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HR 7 - Charitable Contributions bill - National Key Vote

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Title: Charitable Contributions bill

Vote Smart's Synopsis:

Vote to pass a bill that would amend current Internal Revenue Codes (IRS) to allow non-itemized tax deductions for charitable contributions by both individuals and businesses to promote philanthropy.

Highlights:

  • Allows for individuals to claim deductions exceeding $250 up to $500 for previous year's charitable donations until December 31, 2005.
  • Increases cap, for corporate charitable deductions, from 10 to 20 percent by 2012.
  • Cuts the excise tax on the net investment income of private foundations from 2 to 1 percent.

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