Universal Charitable Giving Act of 2017

Bill: 115-s-2123
Sponsor: full_name: Sen. Lankford, James [R-OK]
Introduced: 2017-11-14
Policy area: Taxation
Subjects: Charitable contributions

Income tax deductions
Latest action: action_date: 2017-11-14
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2017-11-14
action_desc: Introduced in Senate
text: <p><b>Universal Charitable Giving Act of 2017 </b></p> <p>This bill amends the Internal Revenue Code to allow a deduction from gross income (above-the-line deduction) for charitable contributions of individuals who do not elect to itemize deductions for the taxable year. The deduction may not exceed one-third of the standard deduction of the individual. </p>

tv_txt: II 115th CONGRESS 1st Session S. 2123 IN THE SENATE OF THE UNITED STATES November 14, 2017 Mr. Lankford introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to allow above-the-line deductions for charitable contributions for individuals not itemizing deductions.

1. Short title This Act may be cited as the Universal Charitable Giving Act of 2017 . 2. Allowing above-the-line deductions for charitable contributions for individuals not itemizing deductions (a) In general Subsection (a) of section 62 of the Internal Revenue Code of 1986 is amended by inserting after paragraph (21) the following new paragraph: (22) Charitable contributions for individuals not itemizing deductions In the case of an individual who does not elect to itemize his deductions for the taxable year, the deduction allowed by section 170. The preceding sentence shall not apply to any deduction in excess of an amount equal to the product of 1/3 and the standard deduction for such individual. . (b) Effective date The amendment made by this section shall apply with respect to taxable years beginning after the date of enactment of this Act.