Section 1 Short title
This Act may be cited as the “Charitable Giving Tax Deduction Act”.
Charitable Giving Tax Deduction Act
A BILL
To amend the Internal Revenue Code of 1986 to allow the deduction for charitable contributions as an above-the-line deduction.
Sec. 2 Deduction for charitable contributions allowed in determining adjusted gross income
In general— Section 62(a) of the Internal Revenue Code of 1986 is amended by inserting after paragraph (7) the following new paragraph:
“(8) Charitable contributions—The deduction allowed under section 170.”
Conforming amendment— Section 170(b)(1)(H) of such Code is amended by striking “(computed without regard to any net operating loss carryback to the taxable year under section 172).” and inserting the following:
“(i) section 62(a)(8), and
“(ii) any net operating loss carryback to the taxable year under section 172.”
Repeal of superseded provisions— Section 212 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (other than subsection (c) thereof) is repealed and each provision of law amended by such section (other than such subsection) is amended to read as such provision would read if such section had never been enacted.
Effective date— The amendment made by this section shall apply to taxable years beginning after December 31, 2020.