A proposed temporary incentive that could increase the above-the-line charitable gift deduction cap is gaining bipartisan support as a component of an emerging pandemic response package. Catholic Law Professor Roger Colinvaux was recently quoted in Law360 regarding the incentive.
By: Alana K. Ota
Date: July 16, 2020
Bigger Charitable Deduction Gains Steam In Congress
"The impact on overall charitable giving would be modest. The only effect on new gifts is for the five months left in this calendar year; the rest of the bill allows a deduction for gifts already made. Thus, for gifts prior to the date of enactment, the bill would have no effect on giving, but is instead a retroactive subsidy."
To read Colinvaux’s complete remarks click here.