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
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.
This Act may be cited as the
Charitable Contribution Parity and Enhancement
Special rule for charitable contributions of ordinary income property for all trades or businesses
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
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.
The amendments made by this section shall apply to contributions made after December 31, 2011, and to taxable years ending after such date.