December 27, 2024

Bill would help with tax breaks on charitable donations

WASHINGTON (NEXSTAR) — A bipartisan group of lawmakers wants to make it easier for you to deduct your charitable giving from your taxes. 

“Right now, the only people that get a chance to be able to write off their taxes, their charitable donations, are the folks that itemize,” said Sen. James Lankford (R-Okla.).

A bill by Sen. Lankford and Delaware Democratic Sen. Chris Coons called the Charitable Act changes that. 

The bill would allow people who take the standard deduction on their taxes to also deduct their donations to charities. 

“Most people don’t itemize their taxes, so there’s no incentive to be able to give to nonprofits through our tax code,” Lankford said. 

Lankford believes this can reduce government dependency.

“The safety net is not the government. The first safety net is families. The second safety net are churches, nonprofits,” Lankford said. 

Last year Americans gave half a trillion dollars to charities. 

“We see our impact every single day in the 400 communities where we serve,” said Sarah Fitch, VP of Public Policy at Volunteers of America.  

Fitch supports the bill. 

“We see any opportunity to incentivize people to give more of their own money as a great way to democratize giving,” Fitch said. 

During the 2020 tax year, a pandemic-related law let non-itemizers deduct their charitable giving that year. 

Lankford wants the bill passed before Congress ends its session in just a few weeks.

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