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.

Bill: 116-hr-6408
Sponsor: full_name: Rep. Moulton, Seth [D-MA-6]
Introduced: 2020-03-27
Policy area: Taxation
Subjects: Appropriations

Cardiovascular and respiratory health

Charitable contributions

Department of the Treasury

Emergency medical services and trauma care

Executive agency funding and structure

Government lending and loan guarantees

Income tax deductions

Infectious and parasitic diseases

Social work, volunteer service, charitable organizations

Tax-exempt organizations
Latest action: action_date: 2020-03-27
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2020-03-27
action_desc: Introduced in House
text: <p>This bill allows taxpayers to claim a tax deduction for charitable contributions even if they do not otherwise itemize their deductions. </p> <p>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. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6408 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.

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. 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.