Charitable Act

Summary

Charitable Act This bill allows an individual taxpayer who does not itemize their tax deductions to claim a tax deduction for charitable contributions and eliminates the tax penalty for overstating charitable contributions. (Some limitations apply). Under the bill, for tax years beginning in 2026 or 2027, an individual taxpayer who does not itemize their tax deductions may deduct charitable contributions of up to one-third of the standard deduction allowed to such individual. (Under current law, an individual taxpayer generally must itemize their tax deductions to deduct charitable contributions.) The bill also eliminates the tax penalty for an underpayment of taxes attributable to overstated charitable contributions by taxpayers who do not itemize deductions. (Under current law, taxpayers who claim a deduction under this bill may be assessed a tax penalty in the amount of 50% of the portion of an understatement of tax liability attributable to overstated charitable contributions.)

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Timeline

1. 29 January 2025

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 29 January 2025

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

• Introduced in Senate

  Introduced in Senate · EN · 29 January 2025

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 29 January 2025

  Open at official source

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Sponsors

• Sen. Lankford, James [R-OK] · R · Sponsor
• Sen. Coons, Christopher A. [D-DE] · D · Sponsor
• Sen. Cortez Masto, Catherine [D-NV] · D · Sponsor
• Sen. Hickenlooper, John W. [D-CO] · D · Sponsor
• Sen. Ricketts, Pete [R-NE] · R · Sponsor
• Sen. Klobuchar, Amy [D-MN] · D · Sponsor
• Sen. Warnock, Raphael G. [D-GA] · D · Sponsor
• Sen. Shaheen, Jeanne [D-NH] · D · Sponsor
• Sen. Curtis, John R. [R-UT] · R · Sponsor
• Sen. Blackburn, Marsha [R-TN] · R · Sponsor
• Sen. Moran, Jerry [R-KS] · R · Sponsor
• Sen. Britt, Katie Boyd [R-AL] · R · Sponsor
• Sen. Scott, Tim [R-SC] · R · Sponsor
• Sen. Rosen, Jacky [D-NV] · D · Sponsor
• Sen. Wicker, Roger F. [R-MS] · R · Cosponsor
• Sen. Peters, Gary C. [D-MI] · D · Cosponsor
• Sen. Collins, Susan M. [R-ME] · R · Cosponsor
• Sen. Luján, Ben Ray [D-NM] · D · Cosponsor
• Sen. Budd, Ted [R-NC] · R · Cosponsor
• Sen. Boozman, John [R-AR] · R · Cosponsor
• Sen. Hassan, Margaret Wood [D-NH] · D · Cosponsor
• Sen. Justice, James C. [R-WV] · R · Cosponsor
• Sen. Gallego, Ruben [D-AZ] · D · Cosponsor
• Sen. Hoeven, John [R-ND] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Charitable Act