To amend the Internal Revenue Code of 1986 to extend the limitation on the carryover of excess corporate charitable contributions.

Bill: 114-hr-4016
Sponsor: full_name: Rep. Paulsen, Erik [R-MN-3]
Introduced: 2015-11-16
Policy area: Taxation
Subjects: Charitable contributions

Corporate finance and management

Income tax deductions
Latest action: action_date: 2015-11-16
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2015-11-16
action_desc: Introduced in House
text: <p>This bill amends the Internal Revenue Code to extend the period in which a corporation may carryover excess&nbsp;contributions for purposes of the tax deduction for charitable contributions from 5 to 20 succeeding taxable years.</p>

tv_txt: I 114th CONGRESS 1st Session H. R. 4016 IN THE HOUSE OF REPRESENTATIVES November 16, 2015 Mr. Paulsen (for himself, Mr. Thompson of California , Mr. Nunes , and Mr. Smith of Missouri ) 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 extend the limitation on the carryover of excess corporate charitable contributions.

1. Extension of limitation on carryover of excess corporate charitable contributions (a) In general Section 170(d)(2)(A) of the Internal Revenue Code of 1986 is amended— (1) by striking 5 succeeding taxable years and inserting 20 succeeding taxable years , and (2) by striking the second, third, fourth, or fifth and inserting each of the second through twentieth . (b) Effective date The amendments made by this section shall apply to contributions made in taxable years beginning after December 31, 2009.