The Charitable Contribution Parity and Enhancement Act (H.R. 2592)

H.R. 2592, Charitable Contribution Parity and Enhancement Act, introduced by Illinois Representatives Aaron Schock (also a member of the Ways and Means Committee) B and Bobby Schilling, would allow small businesses (C corporations are not eligible) to receive the same tax deduction given to larger corporation for the donation of extra inventory to charity and nonprofits.

More specifically, the legislation would amend the Internal Revenue Code to extend the tax deduction for charitable contributions of ordinary income property to all trades and businesses (currently limited to corporations other than S corporations), andB limit the amount of such deduction for taxpayers other than C corporations to not more than 10% ofB their aggregate net income for a taxable year from all trades or businesses.

Full text of the legislation can be found here.

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