Sec. 1306. Charitable contributions

267 words·~1 min read·/bill/115/hr/1/eh/section-1306

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Section 170(b)(1) is amended by redesignating subparagraph

(G)as subparagraph

(H)and by inserting after subparagraph

(F)the following new subparagraph: In the case of any contribution of cash to an organization described in subparagraph (A), the total amount of such contributions which may be taken into account under subsection

(a)for any taxable year shall not exceed 60 percent of the taxpayer’s contribution base for such year. If the aggregate amount of contributions described in clause

(i)exceeds the applicable limitation under clause (i), such excess shall be treated (in a manner consistent with the rules of subsection (d)(1)) as a charitable contribution to which clause

(i)applies in each of the 5 succeeding years in order of time.

(A)and

(B)Contributions taken into account under this subparagraph shall not be taken into account under subparagraph (A). Subparagraphs

(A)and

(B)shall be applied by reducing (but not below zero) the aggregate contribution limitation allowed for the taxable year under each such subparagraph by the aggregate contributions allowed under this subparagraph for such taxable year. . Section 170(l)(1) is amended to read as follows: No deduction shall be allowed under this section for any amount described in paragraph (2). . Section 170(i) is amended by striking shall be 14 cents per mile and inserting shall be a rate which takes into account the variable cost of operating an automobile . Section 170(f)(8) is amended by striking subparagraph

(D)and by redesignating subparagraph

(E)as subparagraph (D). The amendments made by this section shall apply to contributions made in taxable years beginning after December 31, 2017.