Walker Introduces Legislation to Empower Charities to Combat Coronavirus
WASHINGTON, D.C. - U.S. Representative Mark Walker (R-N.C.) today introduced the Coronavirus Help and Response Initiative Through Year (CHARITY) 2022 Act to encourage support and donations to charitable organizations during the response and recovery for the Coronavirus (COVID-19) pandemic.
“Congress and President Trump acted quickly to respond with immediate help to families and small businesses in every American community – including ensuring 501(c)(3) charitable organizations are able to keep their doors open with access to the Paycheck Protection Program (PPP),” Walker said. “Now, it is clear that our recovery will take more time. Nonprofits are on the frontlines of this fight – they were there first and will be there long after ‘stay-at-home’ orders fade. More than ever, we should empower these organizations to combat this virus and help our neighbors by encouraging support through tax relief.”
This legislation establishes a universal charitable deduction for individuals and married couples who do not itemize, in addition to the standard deduction. This would be an above-the-line deduction up to one-third of the new standard deduction - about 4,000 for individuals and $8,000 for married couples.
This deduction would be effective through the end of Fiscal Year 2022 in an effort to encourage charitable giving to organizations well-equipped to provide relief to families and individuals suffering from the effects of the COVID-19.
Walker has been a champion for charitable organizations during his time in Congress, introducing the Universal Charitable Giving Act, which was endorsed by United Way and a number of other non-profits based around the country. Walker has also introduced the Lessening Impediments From Taxes (LIFT) for Charities Act, legislation to eliminate a measure that requires churches, charities, and traditionally tax-exempt organizations to pay federal taxes on provided employee benefits.
The full text of the CHARITY 2022 Act can be found here.