Lankford, Coons Introduce Bill to expand Charitable Deduction 2023

Sens. James Lankford (R-OK) and Chris Coons (D-DE) introduced bipartisan legislation this week to expand and extend the expired non-itemized deduction for charitable giving. The bill, called The Charitable Act, would allow all taxpayers who do not itemize to claim a deduction of up to one-third of the value of the standard deduction for charitable contributions, which would be around $4,500 for individuals and $9,000 for married joint filers. The standard deductions for tax year 2023 are $13,850 for individuals and $27,700 for married joint filers.

To read more please see the link below: https://powerofassociations.org/news/2023/03/lankford-coons-introduce-bill-to-expand-charitable-deduction/