Council on Foundations and Independent Sector Applaud Introduction of Charitable Giving Tax Deduction Act
Bill would expand the charitable deduction to 100 percent of American taxpayers and increase charitable giving to communities around the country
Independent Sector and the Council on Foundations applaud the introduction of the Charitable Giving Tax Deduction Act, which would expand giving, help civil society flourish, and allow the charitable sector to expand its impact in communities across the country.
The bill was introduced by Rep. Chris Smith (R-NJ) and cosponsored by Rep. Henry Cuellar (D-TX).
For more than 100 years, the charitable deduction has been a powerful incentive for giving and ensuring individuals have the power and ability to improve lives in their own communities. Unfortunately, our current tax code prevents the vast majority of Americans from claiming this deduction. Last year, Independent Sector and the Council on Foundations joined other nonprofit and philanthropic organizations around the country to correct this inequity by advocating for a universal charitable deduction. The Charitable Giving Tax Deduction Act would make this audacious goal a reality.
“This bill helps us live up to the idea that charitable giving is ingrained in our national identity,” said Daniel J. Cardinali, president and CEO of Independent Sector. “Expanding the charitable deduction to all taxpayers will ensure that more people actively participate in building better futures for themselves, their neighbors, and their communities.”
“A true universal deduction is critical to correcting the impact of last year’s tax legislation,” said Vikki Spruill, president and CEO of the Council on Foundations. “At its core, our nation’s charitable giving policies should encourage and enable those small and medium-sized donors who serve as a powerful engine in the sector’s ability to assist communities. This legislation brings those givers back into the fold by expanding the charitable deduction to millions more.”
Both organizations look forward to working with legislators and the charitable sector to build support for this vital legislation.
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About Independent Sector
Independent Sector is the only national membership organization that brings together a diverse set of nonprofits, foundations, and corporations to advance the common good. Learn more at independentsector.org.
About Council on Foundations
An active philanthropic network, the Council on Foundations (www.cof.org), founded in 1949, is a nonprofit leadership association of grantmaking foundations and corporations. It provides the opportunity, leadership, and tools needed by philanthropic organizations to expand, enhance and sustain their ability to advance the common good. With members from all foundation types and sizes, the Council empowers professionals in philanthropy to meet today’s toughest challenges and advances a culture of charitable giving in the U.S. and globally.
