6/2/20 –– Senators champion the universal charitable deduction and expanded #Relief4Charities
During a June 2, 2020 national webinar a bipartisan group of United States Senators spoke about how an expanded, above-the-line universal charitable deduction would promote giving and support charitable nonprofits.
Senators Chris Coons (D-DE), Amy Klobuchar (D-MN), James Lankford (R-OK), Mike Lee (R-UT), Tim Scott (R-SC), and Jeanne Shaheen (D-NH) have joined together to support expanding the temporary universal charitable deduction included in the CARES Act. The webinar was an opportunity for each Senator to talk about the importance of the charitable sector and its vital role in combating the current COVID-19 crisis.
“There’s never been a more important time than right now to do this (protect, expand, and extend the charitable deduction) as people are suffering. One of the great resources that we have in this country consists of our pillars, our institutions of civil society,” Senator Mike Lee stated.
With charitable giving expected to decline in the wake of the COVID-19 health and economic crisis, the Senators said that it is critical for Congress to provide additional relief to donors and charities so that they can continue to provide vital services to families, workers, and communities.
Senator Lankford underscored the importance of ensuring nonprofits “stay alive and stay thriving because the greater the need that we have in the country, the greater the need that we have for not-for-profits all over the country.”
Now in the works is a proposal that would increase the temporary universal charitable deduction’s $300 cap to one-third of the standard deduction, about $4,000 for individuals and $8,000 for couples, and allow taxpayers to deduct gifts made in 2020 on their 2019 tax returns. This would ensure that charities receive relief immediately and throughout the crisis.
We encourage nonprofits across the country to urge the Senators to support the inclusion of an expanded universal charitable deduction in the next COVID-19 relief package. Join us in sharing your stories and this effort to expand #Relief4Charities.