HR 8817
Preserving Charitable Incentives Act
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill, the Preserving Charitable Incentives Act, aims to encourage businesses, particularly restaurants and retailers, to donate excess inventory instead of discarding it. It temporarily increases the limit on corporate charitable tax deductions from 25% to 100% of taxable income for 2020 and 2021, allowing businesses to deduct the full value of donated inventory. The bill also provides a mechanism for carrying over any excess inventory donations to the following year and clarifies how inventory costs are treated for tax purposes.
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