Title: To extend the charitable deduction to all taxpayers regardless of whether a taxpayer itemizes deductions in order to encourage and increase charitable giving, and to provide for loans and loan guarantees to certain public charities.
Policy area: Taxation

Summary:
This bill allows taxpayers to claim a tax deduction for charitable contributions even if they do not otherwise itemize their deductions.
The bill also directs the Department of the Treasury to make or guarantee loans to tax-exempt charitable organizations. The aggregate amount of such loans may not exceed $60 billion. Treasury must give priority in making such loans to organizations that are providing direct assistance to the COVID-19 (i.e., the coronavirus disease 2019) response effort.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6408 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6408

   To extend the charitable deduction to all taxpayers regardless of 
   whether a taxpayer itemizes deductions in order to encourage and 
     increase charitable giving, and to provide for loans and loan 
                guarantees to certain public charities.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 27, 2020

Mr. Moulton (for himself, Mr. Fitzpatrick, Ms. Slotkin, Mr. LaHood, Mr. 
McGovern, Mr. Lynch, Mr. Kilmer, Mrs. Trahan, and Mr. Rouda) introduced 
  the following bill; which was referred to the Committee on Ways and 
                                 Means

_______________________________________________________________________

                                 A BILL


 
   To extend the charitable deduction to all taxpayers regardless of 
   whether a taxpayer itemizes deductions in order to encourage and 
     increase charitable giving, and to provide for loans and loan 
                guarantees to certain public charities.

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

SECTION 1. UNIVERSAL DEDUCTION FOR CHARITABLE GIVING.

    (a) In General.--Section 62(a) of the Internal Revenue Code of 1986 
is amended by inserting after paragraph (21) the following new 
paragraph:
            ``(22) Charitable contributions.--The deduction allowed by 
        section 170 (reduced by the portion thereof disallowed under 
        section 68).''.
    (b) Application of Overall Limitation on Itemized Deductions.--
Section 68 of such Code is amended by adding at the end the following 
new subsection:
    ``(g) Application to Deduction for Charitable Contributions.--
            ``(1) In general.--For purposes of this section, the 
        deduction allowed by section 170 shall be treated as an 
        itemized deduction.
            ``(2) Application of limitation to above-the-line 
        deduction.--For purposes of section 62(a)(22), the portion of 
        the deduction allowed by section 170 for any taxable year which 
        is disallowed under this section is the portion bearing the 
        same ratio as--
                    ``(A) the amount of the reduction under subsection 
                (a) for such taxable year, bears to
                    ``(B) the amount of the itemized deductions 
                otherwise allowable for such taxable year.''.
    (c) Conforming Amendment.--Section 170(b)(1)(H) of such Code is 
amended by inserting ``this section and'' after ``computed without 
regard to''.
    (d) Effective Date.--
            (1) In general.--The amendments made by this section shall 
        apply to taxable years beginning after the date of the 
        enactment of this Act.
            (2) Cross reference.--For suspension of the application of 
        section 68 of the Internal Revenue Code of 1986 (including the 
        amendments to such section made by subsection (b)), see section 
        68(f) of such Code.

SEC. 2. LOANS AND LOAN GUARANTEES TO CERTAIN PUBLIC CHARITIES.

    (a) In General.--Upon the application of any organization described 
in section 501(c)(3) of the Internal Revenue Code of 1986 and exempt 
from tax under section 501(a) of such Code, the Secretary of the 
Treasury (or the Secretary's delegate) shall, subject to the provisions 
of this section, make or guarantee a loan to such organization.
    (b) Limitation on Aggregate Amount Loans.--The aggregate amount of 
loans made or guaranteed under this section shall not exceed 
$60,000,000,000.
    (c) Criteria.--In carrying out this section, the Secretary (or the 
Secretary's delegate) shall give priority to eligible organizations 
that are providing direct assistance in the COVID-19 response effort.
    (d) Appropriation.--There are hereby appropriated for the fiscal 
year ending on September 30, 2002, to the Secretary of the Treasury 
such sums as may be necessary to carry out this section, which sums 
shall remain available until expended.
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