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116TH CONGRESS
2D SESSION
H. R. 6408
To extend the charitable deduction to all taxpayers regardless of whether
a taxpayer itemizes deductions in order to encourage and increase chari-
table giving, and to provide for loans and loan guarantees to certain
public charities.
IN THE HOUSE OF REPRESENTATIVES
MARCH 27, 2020
Mr. MOULTON (for himself, Mr. FITZPATRICK, Ms. SLOTKIN, Mr. LAHOOD,
Mr. MCGOVERN, Mr. LYNCH, Mr. KILMER, Mrs. TRAHAN, and Mr.
ROUDA) introduced the following bill; which was referred to the Com-
mittee on Ways and Means
A BILL
To extend the charitable deduction to all taxpayers regardless
of whether a taxpayer itemizes deductions in order to
encourage and increase charitable giving, and to provide
for loans and loan guarantees to certain public charities.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. UNIVERSAL DEDUCTION FOR CHARITABLE GIV-
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ING.
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(a) IN GENERAL.—Section 62(a) of the Internal Rev-
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enue Code of 1986 is amended by inserting after para-
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graph (21) the following new paragraph:
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•HR 6408 IH
‘‘(22) CHARITABLE CONTRIBUTIONS.—The de-
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duction allowed by section 170 (reduced by the por-
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tion thereof disallowed under section 68).’’.
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(b) APPLICATION
OF
OVERALL
LIMITATION
ON
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ITEMIZED DEDUCTIONS.—Section 68 of such Code is
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amended by adding at the end the following new sub-
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section:
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‘‘(g) APPLICATION TO DEDUCTION FOR CHARITABLE
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CONTRIBUTIONS.—
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‘‘(1) IN GENERAL.—For purposes of this sec-
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tion, the deduction allowed by section 170 shall be
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treated as an itemized deduction.
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‘‘(2) APPLICATION OF LIMITATION TO ABOVE-
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THE-LINE
DEDUCTION.—For purposes of section
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62(a)(22), the portion of the deduction allowed by
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section 170 for any taxable year which is disallowed
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under this section is the portion bearing the same
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ratio as—
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‘‘(A) the amount of the reduction under
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subsection (a) for such taxable year, bears to
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‘‘(B) the amount of the itemized deduc-
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tions otherwise allowable for such taxable
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year.’’.
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(c)
CONFORMING
AMENDMENT.—Section
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170(b)(1)(H) of such Code is amended by inserting ‘‘this
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section and’’ after ‘‘computed without regard to’’.
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(d) EFFECTIVE DATE.—
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(1) IN GENERAL.—The amendments made by
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this section shall apply to taxable years beginning
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after the date of the enactment of this Act.
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(2) CROSS REFERENCE.—For suspension of the
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application of section 68 of the Internal Revenue
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Code of 1986 (including the amendments to such
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section made by subsection (b)), see section 68(f) of
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such Code.
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SEC. 2. LOANS AND LOAN GUARANTEES TO CERTAIN PUB-
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LIC CHARITIES.
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(a) IN GENERAL.—Upon the application of any orga-
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nization described in section 501(c)(3) of the Internal
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Revenue Code of 1986 and exempt from tax under section
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501(a) of such Code, the Secretary of the Treasury (or
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the Secretary’s delegate) shall, subject to the provisions
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of this section, make or guarantee a loan to such organiza-
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tion.
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(b) LIMITATION ON AGGREGATE AMOUNT LOANS.—
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The aggregate amount of loans made or guaranteed under
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this section shall not exceed $60,000,000,000.
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(c) CRITERIA.—In carrying out this section, the Sec-
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retary (or the Secretary’s delegate) shall give priority to
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eligible organizations that are providing direct assistance
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in the COVID-19 response effort.
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(d) APPROPRIATION.—There are hereby appropriated
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for the fiscal year ending on September 30, 2002, to the
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Secretary of the Treasury such sums as may be necessary
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to carry out this section, which sums shall remain avail-
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able until expended.
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Æ
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