Sec. 9001. Increase in limitation on partial above the line deduction for charitable contributions
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(22)of section 62(a) of the Internal Revenue Code of 1986 is amended to read as follows: In the case of a taxable year beginning in 2020 of an individual to whom section 63(b) applies for such taxable year, the deduction under section 170(a) (determined without regard to section 170(b)) for qualified charitable contributions (not in excess of the applicable amount). . Paragraph
(1)of section 62(f) of the Internal Revenue Code of 1986 is amended to read as follows: The term applicable amount means $600 (twice such amount in the case of a joint return). . Section 62(f)(2)(B) of such Code is amended by striking (determined without regard to subsection
(b)thereof) . Section 6662(b) of the Internal Revenue Code of 1986 is amended by inserting after paragraph
(8)the following: Any overstatement of qualified charitable contributions (as defined in section 62(f)). . Section 6662 of such Code is amended by adding at the end the following new subsection: In the case of any portion of an underpayment which is attributable to one or more overstatements of a qualified charitable contribution (as defined in section 62(f)), subsection
(a)shall be applied with respect to such portion by substituting 50 percent for 20 percent . . Section 6751(b)(2)(A) is amended by striking or 6655 and inserting 6655, or 6662 (but only with respect to an addition to tax by reason of subsection (b)(9) thereof) . The amendments made by this section shall apply to taxable years beginning after December 31, 2019.