[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 2937 Introduced in Senate (IS)]

111th CONGRESS
  2d Session
                                S. 2937

     To provide a temporary suspension of limitation on charitable 
contributions and to amend the Internal Revenue Code of 1986 to extend 
 the enhanced charitable deduction for contributions of food inventory.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 20, 2010

 Mr. Schumer (for himself, Mrs. Gillibrand, Mr. Nelson of Florida, Mr. 
 LeMieux, and Mr. Kerry) introduced the following bill; which was read 
             twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
     To provide a temporary suspension of limitation on charitable 
contributions and to amend the Internal Revenue Code of 1986 to extend 
 the enhanced charitable deduction for contributions of food inventory.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TEMPORARY SUSPENSION OF LIMITATIONS ON CHARITABLE 
              CONTRIBUTIONS.

    (a) In General.--Except as otherwise provided in subsection (b), 
section 170(b) of the Internal Revenue Code of 1986 shall not apply to 
qualified contributions and such contributions shall not be taken into 
account for purposes of applying subsections (b) and (d) of section 170 
of such Code to other contributions.
    (b) Treatment of Excess Contributions.--For purposes of section 170 
of such Code--
            (1) Individuals.--In the case of an individual--
                    (A) Limitation.--Any qualified contribution shall 
                be allowed only to the extent that the aggregate of 
                such contributions does not exceed the excess of the 
                taxpayer's contribution base (as defined in 
                subparagraph (F) of section 170(b)(1) of such Code) 
                over the amount of all other charitable contributions 
                allowed under such section 170(b)(1).
                    (B) Carryover.--If the aggregate amount of 
                qualified contributions made in the contribution year 
                (within the meaning of section 170(d)(1) of such Code) 
                exceeds the limitation of subparagraph (A), such excess 
                shall be added to the excess described in the portion 
                of subparagraph (A) of such section which precedes 
                clause (i) thereof for purposes of applying such 
                section.
            (2) Corporations.--In the case of a corporation--
                    (A) Limitation.--Any qualified contribution shall 
                be allowed only to the extent that the aggregate of 
                such contributions does not exceed the excess of the 
                taxpayer's taxable income (as determined under 
                paragraph (2) of section 170(b) of such Code) over the 
                amount of all other charitable contributions allowed 
                under such paragraph.
                    (B) Carryover.--Rules similar to the rules of 
                paragraph (1)(B) shall apply for purposes of this 
                paragraph.
    (c) Exception to Overall Limitation on Itemized Deductions.--So 
much of any deduction allowed under section 170 of such Code as does 
not exceed the qualified contributions paid during the taxable year 
shall not be treated as an itemized deduction for purposes of section 
68 of such Code.
    (d) Qualified Contributions.--
            (1) In general.--For purposes of this section, the term 
        ``qualified contribution'' means any charitable contribution 
        (as defined in section 170(c) of such Code) if such 
        contribution is--
                    (A) for relief efforts related to the earthquake in 
                Haiti occurring on January 12, 2010,
                    (B) paid in cash during 2010 to an organization 
                described in section 170(b)(1)(A) of such Code (other 
                than an organization described in section 509(a)(3) of 
                such Code), and
                    (C) a contribution with respect to which the 
                taxpayer has elected the application of this section.
            (2) Exception.--Such term shall not include a contribution 
        if the contribution is for establishment of a new, or 
        maintenance in an existing, segregated fund or account with 
        respect to which the donor (or any person appointed or 
        designated by such donor) has, or reasonably expects to have, 
        advisory privileges with respect to distributions or 
        investments by reason of the donor's status as a donor.
            (3) Application of election to partnerships and s 
        corporations.--In the case of a partnership or S corporation, 
        the election under paragraph (1)(C) shall be made separately by 
        each partner or shareholder.

SEC. 2. EXTENSION OF ENHANCED CHARITABLE DEDUCTION FOR CONTRIBUTIONS OF 
              FOOD INVENTORY.

    (a) In General.--Clause (iv) of section 170(e)(3)(C) is amended by 
striking ``December 31, 2009'' and inserting ``December 31, 2010''.
    (b) Effective Date.--The amendment made by this section shall apply 
to contributions made after December 31, 2009.
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