Charitable Act

Hozzl · 2025-02-26T09:06:02Z

Explore the details of House Bill 801 Charitable Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

2/26/2025, 9:06 AM

Summary of Bill HR 801

Bill 119 HR 801, also known as the Charitable Giving Tax Deduction Act, aims to amend the Internal Revenue Code of 1986 in order to make changes to the deduction for charitable contributions for individuals who do not itemize their deductions on their tax returns.

Currently, individuals who do not itemize their deductions are not able to deduct charitable contributions on their tax returns. This bill seeks to change that by allowing non-itemizers to deduct charitable contributions up to a certain amount.

The bill also aims to extend this deduction for charitable contributions for non-itemizers, providing them with an incentive to donate to charitable organizations even if they do not itemize their deductions. Overall, the goal of Bill 119 HR 801 is to encourage charitable giving among all individuals, regardless of whether they itemize their deductions on their tax returns. This could potentially lead to an increase in donations to charitable organizations and help support important causes in our communities.

Congressional Summary of HR 801

Charitable Act

This bill allows an individual taxpayer who does not itemize their tax deductions to claim a tax deduction for charitable contributions and eliminates the tax penalty for overstating charitable contributions. (Some limitations apply).

Under the bill, for tax years beginning in 2026 or 2027, an individual taxpayer who does not itemize their tax deductions may deduct charitable contributions of up to one-third of the standard deduction allowed to such individual. (Under current law, an individual taxpayer generally must itemize their tax deductions to deduct charitable contributions.)

The bill also eliminates the tax penalty for an underpayment of taxes attributable to overstated charitable contributions by taxpayers who do not itemize deductions. (Under current law, taxpayers who claim a deduction under this bill may be assessed a tax penalty in the amount of 50% of the portion of an understatement of tax liability attributable to overstated charitable contributions.)

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill HR 801

Bill HR 801 is currently in the status of Bill Introduced since January 28, 2025. Bill HR 801 was introduced during Congress 119 and was introduced to the House on January 28, 2025. Bill HR 801's most recent activity was Referred to the House Committee on Ways and Means. as of January 28, 2025