CRS Update on Temporary Changes to Charitable Deductions

The Congressional Research Service has updated its report on Temporary Enhancements to Charitable Contributions Deductions in the CARES Act to reflect extensions included in the Consolidated Appropriations Act, 2021. Here is a summary:

The CARES Act and the Consolidated Appropriations Act, 2021 provided for three enhancements to the
charitable deduction for 2020 and 2021. First, they provided a deduction for cash donations for
nonitemizers of up to $300 who take the standard deduction. Second, they eliminated the limit on cash
gifts of individuals to public charities (but not to donor advised funds, supporting organizations, or private
foundations). Third, they increased the limit on charitable contributions from corporations (including food
inventory) and individual contributions of food inventory to 25% of taxable income.

Lloyd Mayer