Complete Story
04/04/2024
Bipartisan Charitable Act Gains Cosponsors in Senate
The act, if enacted, would give all taxpayers a universal charitable deduction
Just before its Easter holiday recess, 10 members of the U.S. House of Representatives – five Democrats and five Republicans – signed on as cosponsors to the Charitable Act, which would create a universal charitable deduction available to all taxpayers.
The additional signatures bring the bill’s total number of cosponsors to 56 in the House and 22 in the Senate, split evenly between parties.
What's next: The bill's Senate champions, Sens. James Lankford (R-OK) and Chris Coons (D-DE), are working to add the Charitable Act language to the tax package under consideration in the Senate.
"I look forward to consideration of the tax package and remain hopeful that the Charitable Act will be included in any final tax package," said Coons. "Delawareans and Americans nationwide have always stepped up to meet the needs of our diverse communities, and the Charitable Act would expand and extend the deductions taxpayers can claim to reward those who give and encourage even more people to embrace charitable giving."
Senate Majority Leader Chuck Schumer (D-NY) wants to hold a vote on the House-passed tax package as soon as this month. The House passed the bill, which pairs an expanded Child Tax Credit with pro-business tax breaks, on a bipartisan vote back in February.
This article was provided to OSAP by ASAE's Power of Associations and Inroads.
