Charitable Equity for Veterans Act of 2021

Bill: 117-s-2530
Sponsor: full_name: Sen. Cassidy, Bill [R-LA]
Introduced: 2021-07-29
Policy area: Taxation
Subjects: Charitable contributions

Income tax deductions

Veterans' organizations and recognition
Latest action: action_date: 2021-07-29
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2021-07-29
action_desc: Introduced in Senate
text: <p><strong>Charitable Equity for Veterans Act of 2021</strong></p> <p>This bill expands the deductibility of charitable contributions to all federally-chartered tax-exempt organizations serving current and former members of the Armed Forces.</p>

tv_txt: II 117th CONGRESS 1st Session S. 2530 IN THE SENATE OF THE UNITED STATES July 29, 2021 Mr. Cassidy (for himself and Ms. Duckworth ) 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 provide for the deductibility of charitable contributions to certain organizations for members of the Armed Forces.

1. Short title This Act may be cited as the Charitable Equity for Veterans Act of 2021 . 2. Deductibility of charitable contributions to certain organizations for members of the Armed Forces (a) In general (1) Definition of a charitable contribution Section 170(c) of the Internal Revenue Code of 1986 is amended by inserting after paragraph (5) the following new paragraph: (6) An organization described in section 501(c)(19) that is a federally chartered corporation. . (2) Percentage limitation Section 170(b)(1)(A) of the Internal Revenue Code of 1986 is amended by striking or at the end of clause (viii), by adding or at the end of clause (ix), and by adding at the end the following new clause: (x) an organization described in section 501(c)(19) that is a federally chartered corporation, . (b) Effective date The amendments made by this section shall apply with respect to taxable years beginning after the date of enactment of this Act.