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Senators Debbie Stabenow (D-MI) and Ron Wyden (D-OR) offer a Universal Charitable Deduction Amendment to the Senate Tax Reform Bill

Posted on: Nov 13, 2017

Stabenow Amendment #9 to Tax Cuts and Jobs Act

Stabenow-Wyden Amendment #9 to The Chairman’s Mark of Tax Cuts and Jobs Act

Short Title: To prevent almost 95% of Americans from being denied any tax benefits for giving to charity under the Chairman’s Mark.

 

Description of Amendment:

This amendment would allow taxpayers who do not itemize their deductions to take an above-the-line deduction for charitable contributions, subject to limitations that: (1) the maximum deduction would be limited to 60% of modified adjusted gross income, and (2) the value of the deduction would be phased out by 3 percent for every dollar of taxable income above $266,700 single; $320,000 married; 293,550 head of household (for 2018, indexed) with a maximum phaseout of 80 percent of the deduction (similar to rules under IRC §68).

 

Offset: An offset will be provided if appropriate.

[Note: Amendment sponsor(s) reserve the right to modify this amendment for technical, revenue-related (if applicable), germaneness, or other purposes.]