See How Your Politicians Voted
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.
- 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.