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S. 2123 (115th): Universal Charitable Giving Act of 2017

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The text of the bill below is as of Nov 14, 2017 (Introduced). The bill was not enacted into law.

II

115th CONGRESS

1st Session

S. 2123

IN THE SENATE OF THE UNITED STATES

November 14, 2017

introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to allow above-the-line deductions for charitable contributions for individuals not itemizing deductions.

1.

Short title

This Act may be cited as the Universal Charitable Giving Act of 2017.

2.

Allowing above-the-line deductions for charitable contributions for individuals not itemizing deductions

(a)

In general

Subsection (a) of section 62 of the Internal Revenue Code of 1986 is amended by inserting after paragraph (21) the following new paragraph:

(22)

Charitable contributions for individuals not itemizing deductions

In the case of an individual who does not elect to itemize his deductions for the taxable year, the deduction allowed by section 170. The preceding sentence shall not apply to any deduction in excess of an amount equal to the product of 1/3 and the standard deduction for such individual.

.

(b)

Effective date

The amendment made by this section shall apply with respect to taxable years beginning after the date of enactment of this Act.