[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2592 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2592

 To amend the Internal Revenue Code of 1986 to increase the limitation 
 on the amount of charitable contributions of ordinary income property 
taken into account in determining the charitable contribution deduction 
                       for any trade or business.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 19, 2011

  Mr. Schock introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to increase the limitation 
 on the amount of charitable contributions of ordinary income property 
taken into account in determining the charitable contribution deduction 
                       for any trade or business.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Charitable Contribution Parity and 
Enhancement Act''.

SEC. 2. SPECIAL RULE FOR CHARITABLE CONTRIBUTIONS OF ORDINARY INCOME 
              PROPERTY FOR ALL TRADES OR BUSINESSES.

    (a) In General.--Subparagraph (A) of section 170(e)(3) of the 
Internal Revenue Code of 1986 is amended by striking ``by a corporation 
(other than a corporation which is an S corporation)'' and inserting 
``from a trade or business of the taxpayer''.
    (b) Limitation.--Subparagraph (A) of section 170(e)(3) of such Code 
is amended by adding at the end the following flush sentence:
                ``In the case of a taxpayer other than a C corporation, 
                the aggregate amount of such contributions for any 
                taxable year which may be taken into account under this 
                subparagraph shall not exceed 10 percent of the 
                taxpayer's aggregate net income for such taxable year 
                from all trades or businesses from which such 
                contributions were made, computed without regard to 
                this section.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to contributions made after December 31, 2011, and to taxable 
years ending after such date.
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