1. Short title
This Act may be cited as the “Universal Charitable Giving Act of 2017”.
Universal Charitable Giving Act of 2017
A BILL
To amend the Internal Revenue Code of 1986 to allow above-the-line deductions for charitable contributions for individuals not itemizing deductions.
2. Allowing above-the-line deductions for charitable contributions for individuals not itemizing deductions
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.”
Effective date— The amendment made by this section shall apply with respect to taxable years beginning after the date of enactment of this Act.