Senators Coons, Lankford Reintroduce Charitable Act
Senators Chris Coons of Delaware and James Lankford of Oklahoma have reintroduced the Charitable Act. The bill will expand and extend the expired non-itemized deduction for charitable giving that would ensure that those of you who donate to charities, houses of worship, religious organizations, and other nonprofits of your choice are able to deduct that donation from your federal taxes at a higher level than the previous $300 deduction. Senator Coons gave his remarks at a press conference today…
Specifically, the bill would make available to taxpayers who do not itemize on their tax return—for tax years 2023 and 2024—a below-the-line deduction for charitable giving on federal income taxes valued at up to one-third of the standard deduction (around $4,500 for an individual filer and around $9,000 for married joint filers).
Senators Chris Coons of Delaware and James Lankford of Oklahoma, who have reintroduced the Charitable Act, hosted a press Conference today with representatives from United Way, YMCA, and the Salvation Army. Senator Coons in his remarks today believes charities will benefit greatly…
Coons says he is prayerfully optimistic that the bill will find a path to the president’s desk for his signature.
Senator Coons, also in his remarks yesterday at the press conference said tax incentives can make a significant difference…
