The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020. This Act has several implications for charitable giving in the 2020 calendar year:

  • It creates a permanent above the line charitable deduction up to $300 for individuals who do not itemize.
  • It creates temporary increases in the limitations on deductions for charitable contributions for individuals who itemize and corporations. For individuals, the 60% of adjusted gross income limitation is suspended for 2020, and for corporations, the 10% limitation is increased to 25% of taxable income.

Summary of the CARES Act: https://gop-waysandmeans.house.gov/wp-content/uploads/2020/03/CARES-Act-Summary.pdf

The full text of the CARES Act: https://www.congress.gov/bill/116th-congress/senate-bill/3548/text

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