Everyday Philanthropist Act

Everyday Philanthropist Act

This bill allows employers to offer certain employees a tax-advantaged flexible giving account as a fringe benefit. Flexible giving accounts allow employees to set aside up to $2,700 of their annual pretax earnings to make tax-deductible charitable contributions without having to itemize tax deductions.

Bill 117 HR 4585, also known as the Everyday Philanthropist Act, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to encourage and incentivize everyday Americans to engage in philanthropic activities and charitable giving.

The key provisions of the bill include the establishment of a tax credit for individuals who make charitable donations. This tax credit would provide a financial incentive for people to donate to charitable organizations and causes. Additionally, the bill aims to simplify the process of claiming this tax credit, making it easier for individuals to take advantage of the incentive.

Furthermore, the Everyday Philanthropist Act seeks to raise awareness about the importance of philanthropy and charitable giving in society. The bill includes provisions for educational campaigns and outreach programs to inform the public about the benefits of giving back to their communities. Overall, the Everyday Philanthropist Act is designed to promote a culture of giving and generosity among Americans. By providing tax incentives and raising awareness about the importance of philanthropy, this bill aims to increase charitable donations and support for nonprofit organizations across the country.