Sen. Coons seeks support for bipartisan bill aimed at boosting charitable giving
Sen. Chris Coons and Republican Sen. James Lankford of Oklahoma introduce a bipartisan effort to boost charitable giving.
The Charitable Act aims to expand and extend the expired non-itemized deduction for charitable giving.
This would allow Americans not itemizing their tax return to deduct donations made to charities and other non-profits at a higher level than the previous $300 deduction.
Coons says this would incentivize charitable giving - helping to strengthen communities in Delaware and across the nation.
“One of the things that has defined our nation since its earliest day, is that we are a remarkably philanthropic, engaged community spirited people. More so than any of the countries of the rest of the world,” said Coons.
He adds that in 2022, Americans gave $450 billion to charities.
If this bill becomes law, taxpayers who do not itemize would have access to a below-the-line deduction for charitable giving valued at up to one-third of the standard deduction.
Angela Williams is the CEO and President of the nonprofit United Way Worldwide. She says they rely on charitable donations to continue their work.
“Our tax laws are designed to incentive choices that are good for all of us, like home ownership and business investment. And it’s time for Congress to do the same with charitable giving," Williams explained. "So let’s make it as easy as possible for Americans to strengthen the communities they care about, that they live in and build a better future for generations to come.”
In addition to United Way, the bill has support from numerous non-profits and non-profit coalitions who hope this change will incentivize more taxpayers to donate.