I 112th CONGRESS 1st Session H. R. 2592 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.

1.

Short title

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

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.