Charitable Giving Tax Deduction Act

I 117TH CONGRESS 1ST SESSION H. R. 1081 To amend the Internal Revenue Code of 1986 to allow the deduction for charitable contributions as an above-the-line deduction. IN THE HOUSE OF REPRESENTATIVES FEBRUARY 15, 2021 Mr. SMITH of New Jersey (for himself and Mr. CUELLAR) 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 allow the deduction for charitable contributions as an above-the- line deduction. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Charitable Giving Tax 4 Deduction Act’’. 5 VerDate Sep 11 2014 18:17 Mar 12, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1081.IH H1081 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 1081 IH SEC. 2. DEDUCTION FOR CHARITABLE CONTRIBUTIONS AL- 1 LOWED IN DETERMINING ADJUSTED GROSS 2 INCOME. 3 (a) IN GENERAL.—Section 62(a) of the Internal Rev- 4 enue Code of 1986 is amended by inserting after para- 5 graph (7) the following new paragraph: 6 ‘‘(8) CHARITABLE CONTRIBUTIONS.—The de- 7 duction allowed under section 170.’’. 8 (b) CONFORMING AMENDMENT.—Section 9 170(b)(1)(H) of such Code is amended by striking ‘‘(com- 10 puted without regard to any net operating loss carryback 11 to the taxable year under section 172).’’ and inserting the 12 following: ‘‘computed without regard to— 13 ‘‘(i) section 62(a)(8), and 14 ‘‘(ii) any net operating loss carryback 15 to the taxable year under section 172.’’. 16 (c) REPEAL OF SUPERSEDED PROVISIONS.—Section 17 212 of the Taxpayer Certainty and Disaster Tax Relief 18 Act of 2020 (other than subsection (c) thereof) is repealed 19 and each provision of law amended by such section (other 20 than such subsection) is amended to read as such provi- 21 sion would read if such section had never been enacted. 22 (d) EFFECTIVE DATE.—The amendment made by 23 this section shall apply to taxable years beginning after 24 December 31, 2020. 25 Æ VerDate Sep 11 2014 18:17 Mar 12, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H1081.IH H1081 pamtmann on DSKBC07HB2PROD with BILLS