Law’s lesser-known provisions encourage gifts to churches, nonprofits
by Emily Enders Odom | Presbyterian News Service
LOUISVILLE — When the CARES (Coronavirus Aid, Relief, and Economic Security) Act was signed into law on March 27, 2020, most Americans did not yet have year-end charitable giving on their mind.
Now is the time that they should.
Not only does the CARES Act provide “fast and direct economic assistance for American workers, families, and small businesses, and preserve jobs for our American industries,” according to a statement on the U.S. Department of the Treasury website, but it also temporarily suspends limits on charitable contributions.
Among the most significant provisions affecting donors are one that allows for individuals to receive up to an additional $300 tax deduction for donations ($600 for spouses filing jointly) made to charitable organizations, and one that permits individuals to deduct up to 100% of their adjusted gross income, but only for charitable contributions made in the 2020 calendar year.
“We are grateful that, throughout this year, we have seen an increase in the number of individuals and congregations supporting Presbyterian mission,” said the Rev. Rosemary C. Mitchell, senior director for the Presbyterian Mission Agency’s Mission Engagement and Support. “As we approach not only the end of the calendar year but also the season of giving, this type of information is always good to have on hand when making stewardship decisions. We appreciate that Presbyterians are thoughtful as well as generous donors.”
For complete information, visit the relevant page of the IRS’s website.
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Categories: Gifts & Financial Support, Mission Engagement & Support
Tags: cares act, charitable contributions, internal revenue service, mission engagement & support, rev. rosemary mitchell, u.s. department of the treasury
Tags: 2020, act, cares, cares act, charitable, charitable contributions, churches, economic, giving, individuals, limits, mission, mission engagement, organizations, presbyterian, presbyterian mission, provisions, rosemary c, senior director, temporarily
Ministries: Mission Engagement and Support, Gifts & Financial Support