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To extend the charitable deduction to all taxpayers regardless of whether a taxpayer itemizes deductions in order to encourage and increase charitable giving, and to provide for loans and loan guarantees to certain public charities.

2/9/2022, 1:25 AM

Congressional Summary of HR 6424

This bill allows taxpayers to claim a tax deduction for charitable contributions even if they do not otherwise itemize their deductions.

The bill also directs the Department of the Treasury to make or guarantee loans to tax-exempt charitable organizations. The aggregate amount of such loans may not exceed $60 billion. Treasury must give priority in making such loans to organizations that are providing direct assistance to the COVID-19 (i.e., the coronavirus disease 2019) response effort.

Current Status of Bill HR 6424

Bill HR 6424 is currently in the status of Bill Introduced since March 31, 2020. Bill HR 6424 was introduced during Congress 116 and was introduced to the House on March 31, 2020.  Bill HR 6424's most recent activity was Referred to the House Committee on Ways and Means. as of March 31, 2020

Bipartisan Support of Bill HR 6424

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
1
Democrat Cosponsors
1
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 6424

Primary Policy Focus

Taxation

Potential Impact Areas

- Appropriations
- Cardiovascular and respiratory health
- Charitable contributions
- Department of the Treasury
- Emergency medical services and trauma care
- Executive agency funding and structure
- Government lending and loan guarantees
- Income tax deductions
- Infectious and parasitic diseases
- Social work, volunteer service, charitable organizations
- Tax-exempt organizations

Alternate Title(s) of Bill HR 6424

To extend the charitable deduction to all taxpayers regardless of whether a taxpayer itemizes deductions in order to encourage and increase charitable giving, and to provide for loans and loan guarantees to certain public charities.
To extend the charitable deduction to all taxpayers regardless of whether a taxpayer itemizes deductions in order to encourage and increase charitable giving, and to provide for loans and loan guarantees to certain public charities.

Comments

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