Coronavirus Aid, Relief, and Economic Security Act
The stimulus legislation introduces new, temporary tax incentives for supporting public charities during this time.
- In 2020, every taxpayer may claim up to $300 in charitable contribution deductions. This is an above-the line deduction which means that it may provide tax relief by reducing a donor’s adjusted gross income.
- The limit on deducting contributions of cash, usually 60% of Adjusted Gross Income, has been increased to 100% for 2020.
Please consider using these provisions to maximize the impact of your Hamilton philanthropy.