Bill Would Enhance Charitable Deductions for Ordinary Income Property

Bill Would Enhance Charitable Deductions for Ordinary Income Property

News story posted in Legislative on 26 July 2011| comments
audience: National Publication | last updated: 28 July 2011
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Summary

House Ways and Means Committee member Aaron Schock, R-Ill., has introduced legislation that if enacted would increase the limitation on the amount of charitable contributions of ordinary income property taken into account in determining the charitable contribution deduction for any trade or business.

Full Text:

 
112TH CONGRESS
1ST SESSION


H.R. 2592

To amend the Internal Revenue Code of 1986 to increase the limitation
on the amount of charitable contributions of ordinary income property
taken into account in determining the charitable contribution
deduction for any trade or business.

IN THE HOUSE OF REPRESENTATIVES

JULY 19, 2011

Mr. SCHOCK introduced the following bill; which was referred
to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to increase the limitation on the amount of charitable contributions of ordinary income property taken into account in determining the charitable contribution deduction for any trade or business.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the "Charitable Contribution Parity and Enhancement Act".

SEC. 2. SPECIAL RULE FOR CHARITABLE CONTRIBUTIONS OF ORDINARY INCOME PROPERTY FOR ALL TRADES OR BUSINESSES.

(a) IN GENERAL. -- Subparagraph (A) of section 170(e)(3) of the Internal Revenue Code of 1986 is amended by striking "by a corporation (other than a corporation which is an S corporation)" and inserting "from a trade or business of the taxpayer".

(b) LIMITATION. -- Subparagraph (A) of section 170(e)(3) of such Code is amended by adding at the end the following flush sentence:

"In the case of a taxpayer other than a C corporation, the aggregate amount of such contributions for any taxable year which may be taken into account under this subparagraph shall not exceed 10 percent of the taxpayer's aggregate net income for such taxable year from all trades or businesses from which such contributions were made, computed without regard to this section.".

(c) EFFECTIVE DATE. -- The amendments made by this section shall apply to contributions made after December 31, 2011, and to taxable years ending after such date. 

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