CARES Act Suspends Tax Provision to Provide Deduction for Donations to Charities, Including Non-Profit Science Organizations

Non-profit organizations, including scientific organizations, are eligible for some of the economic measures included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted on March 27, 2020. On March 12, 2020, AIBS requested that congressional leaders include scientific societies and organizations in economic measures crafted to respond to the COVID-19 pandemic. Provisions for 501(c)(3) and other nonprofit organizations in the economic stimulus package include emergency small business loans of up to $10 million to help maintain operations and employee retention payroll tax credits to employers that have seen at least 50 percent reduction in revenue in the first quarter of 2020 compared to the first quarter of 2019. The bill also modifies limitations on charitable donations, with a temporary universal charitable deduction of up to $300 available for cash-only, non-itemized tax filings and the current adjusted gross income limits temporarily suspended for charitable deductions for cash gifts.      
Source: Public Policy Reports - Category: Biology Authors: Source Type: news