II 110th CONGRESS 2d Session S. 3429 IN THE SENATE OF THE UNITED STATES August 1, 2008 Mr. Schumer (for himself, Mr. Ensign, Mr. Feingold, and Mr. Dodd) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code to provide for an increased mileage rate for charitable deductions.

1.

Short title

This Act may be cited as the Giving Incentives to Volunteers Everywhere Act of 2008 or the GIVE Act of 2008.

2.

Determination of standard mileage rate for charitable contributions deduction

(a)

In general

Subsection (i) of section 170 of the Internal Revenue Code of 1986 (relating to standard mileage rate for use of passenger automobile) is amended by striking 14 cents per mile and inserting the amount that is 70 percent of the standard business mileage rate in effect under section 162(a) for the taxable year. (b)

Effective date

The amendment made by this section shall apply to miles traveled after the date of the enactment of this Act.

3.

Mileage reimbursements to charitable volunteers excluded from gross income

(a)

In general

Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139B the following new section:

139C.

Mileage reimbursements to charitable volunteers

(a)

In general

Gross income of an individual does not include amounts received, from an organization described in section 170(c), as reimbursement of operating expenses with respect to use of a passenger automobile for the benefit of such organization. The preceding sentence shall apply only to the extent that such reimbursement would be deductible under this chapter if section 274(d) were applied— (1)by using the standard business mileage rate established under section 162(a), and (2)as if the individual were an employee of an organization not described in section 170(c). (b)

No double benefit

Subsection (a) shall not apply with respect to any expenses if the individual claims a deduction or credit for such expenses under any other provision of this title. (c)

Exemption from reporting requirements

Section 6041 shall not apply with respect to reimbursements excluded from income under subsection (a).

. (b)

Clerical amendment

The table of sections for part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 139B the following new item: Sec. 139C. Reimbursement for use of passenger automobile for charity. . (c)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.