VETT Act

Bill: 118-hr-1432
Sponsor: full_name: Rep. Wenstrup, Brad R. [R-OH-2]
Introduced: 2023-03-07
Policy area: Taxation
Subjects: Charitable contributions

Income tax deductions

Veterans' organizations and recognition
Latest action: action_date: 2024-12-12
text: Became Public Law No: 118-146.

Summaries:
action_date: 2023-03-07
action_desc: Introduced in House
text: <p> <strong>VSO Equal Tax Treatment Act or the VETT Act </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>

action_date: 2024-01-18
action_desc: Reported to House
text: <p><strong>VSO Equal Tax Treatment Act or the VETT Act </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>

action_date: 2024-12-12
action_desc: Public Law
text: <p><strong>VSO Equal Tax Treatment Act or the VETT Act</strong></p><p>This act allows a tax-exempt veterans' organization to receive tax deductible charitable contributions for tax years beginning after 2024, provided that the organization is a federally chartered organization. Further, the act&nbsp;limits  the deduction for such contributions to 60% of the donor’s adjusted gross income.</p><p>Generally, a veterans' organization may be exempt from federal income tax provided that, among other requirements, at least 75% of its members are past or present members of the Armed Forces. However, to be eligible to receive tax deductible charitable contributions, the Internal Revenue Service requires that at least 90% of a tax-exempt veteran organization’s members must be wartime veterans. Charitable contributions made to a veterans' organization that does not meet this 90% threshold may be subject to federal income tax.&nbsp;</p><p>This act allows a tax-exempt veterans' organization to receive tax deductible charitable contributions for tax years beginning after 2024, provided that the organization is a federally chartered organization.</p><p>The act also provides that, for tax years beginning after 2024, the deduction for charitable contributions made to a tax-exempt veterans' organization that is federally chartered is limited to 60% of the donor’s adjusted gross income, rather than the lower limits that apply to other types of charitable contributions.</p>

tv_txt: II 118th CONGRESS 2d Session H. R. 1432 IN THE SENATE OF THE UNITED STATES September 18, 2024 Received AN ACT 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 VSO Equal Tax Treatment Act or as the VETT Act . 2. Deductibility of charitable contributions to certain organizations for members of the Armed Forces (a) In general 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. . (b) 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 inserting after clause (ix) the following new clause: (x) an organization described in section 501(c)(19) that is a federally chartered corporation, . (c) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

Passed the House of Representatives September 17, 2024. Kevin F. McCumber, Clerk.

tv_txt: IB One Hundred Eighteenth Congress of the United States of America At the Second Session Begun and held at the City of Washington on Wednesday, the third day of January, two thousand and twenty-four H. R. 1432 AN ACT 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 VSO Equal Tax Treatment Act or as the VETT Act . 2. Deductibility of charitable contributions to certain organizations for members of the Armed Forces (a) In general 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. . (b) 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 inserting after clause (ix) the following new clause: (x) an organization described in section 501(c)(19) that is a federally chartered corporation, . (c) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

Speaker of the House of Representatives. Vice President of the United States and President of the Senate.

tv_txt: IB 118th CONGRESS 2d Session H. R. 1432 IN THE HOUSE OF REPRESENTATIVES AN ACT 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 VSO Equal Tax Treatment Act or as the VETT Act . 2. Deductibility of charitable contributions to certain organizations for members of the Armed Forces (a) In general 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. . (b) 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 inserting after clause (ix) the following new clause: (x) an organization described in section 501(c)(19) that is a federally chartered corporation, . (c) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

Passed the House of Representatives September 17, 2024. Kevin F. McCumber, Clerk.

tv_txt: IB Union Calendar No. 286 118th CONGRESS 2d Session H. R. 1432 [Report No. 118–351] IN THE HOUSE OF REPRESENTATIVES March 7, 2023 Mr. Wenstrup (for himself and Mr. Panetta ) introduced the following bill; which was referred to the Committee on Ways and Means January 18, 2024 Additional sponsors: Mr. Grothman , Mr. Murphy , Mrs. Miller of West Virginia , Mr. Carey , Ms. Sewell , Mr. Davis of Illinois , Mr. Crow , Mr. Tony Gonzales of Texas , Mr. Carbajal , Mr. Davis of North Carolina , Mr. Ryan , Mr. Baird , Mrs. Miller-Meeks , and Mr. Fitzpatrick January 18, 2024 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on March 7, 2023 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 VSO Equal Tax Treatment Act or as the VETT Act . 2. Deductibility of charitable contributions to certain organizations for members of the Armed Forces (a) In general 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. . (b) 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 inserting after clause (ix) the following new clause: (x) an organization described in section 501(c)(19) that is a federally chartered corporation, . (c) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.

January 18, 2024 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

tv_txt: I 118th CONGRESS 1st Session H. R. 1432 IN THE HOUSE OF REPRESENTATIVES March 7, 2023 Mr. Wenstrup (for himself and Mr. Panetta ) 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 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 VSO Equal Tax Treatment Act or as the VETT Act . 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 inserting after clause (ix) 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.