Thursday, February 14, 2013
House Holds Hearing Today on Tax Reform and Charitable Contributions
The House Ways & Means Committee holds a hearing today on Tax Reform and Charitable Contributions:
The hearing will examine the itemized deduction for charitable contributions as part of the Committee’s work on comprehensive tax reform. It also will receive testimony from witnesses on previous proposals to modify the deduction and its value.
In connection with the hearing, the Joint Committee on Taxation has released Present Law and Background Relating to the Federal Tax Treatment of Charitable Contributions (JCX-4-13):
This document ... contains an overview of the present-law rules relating to the Federal tax treatment of charitable contributions, a discussion of economic issues relating to Federal tax incentives for charitable giving, and a description of several legislative proposals related to the Federal tax treatment of charitable contributions.