3.0.0 8817 2023-01-11T13:44:14Z 2023-01-11T13:44:14Z House HR 2020-11-24 116 [Congressional Record Volume 166, Number 199 (Tuesday, November 24, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. PANETTA:H.R. 8817.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, clause 18[Page H6019]]]> hswm00 Ways and Means Committee House Standing Referred to 2020-11-24T15:01:15Z 2020-11-24 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2020-11-24 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-11-24 Introduced in House IntroReferral 1000 9 Library of Congress P000613 Rep. Panetta, Jimmy [D-CA-20] Jimmy Panetta D CA 20 N S001172 Rep. Smith, Adrian [R-NE-3] Adrian Smith R NE 3 2020-11-24 True F000466 Rep. Fitzpatrick, Brian K. [R-PA-1] Brian Fitzpatrick R PA K. 1 2020-12-03 False Taxation Administrative law and regulatory procedures Charitable contributions Department of the Treasury Income tax deductions Taxation 00 2020-11-24 Introduced in House 2020-12-10T13:58:18Z Preserving Charitable Incentives Act

This bill increases the cap for corporate charitable tax deductions from 25% to 100% of a corporation's taxable income for taxable years beginning in 2020 and 2021. This increase encourages corporate donors (e.g., restaurants and retailers) to donate excess inventory rather than destroying it. The bill allows a carryover of excess inventory into the succeeding taxable year.

The bill also directs the Department of the Treasury to revise regulations with respect to the treatment of inventory as costs of goods sold for purposes of the charitable tax deduction.

]]> Preserving Charitable Incentives Act Display Title Preserving Charitable Incentives Act Short Title(s) as Introduced Preserving Charitable Incentives Act Introduced in House IH Official Title as Introduced To provide incentives to make charitable contributions of certain inventory. Introduced in House IH Introduced in House 2020-11-24T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr8817ih/xml/BILLS-116hr8817ih.xml 2020-11-24 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.