The Coronavirus Aid, Relief and Economic Security (CARES) Act charitable giving incentives for individuals and corporations
- All taxpayers (both those who itemize and those who use standard deduction) can deduct $300 in charitable giving to public nonprofits in 2020.
- For those who itemize their taxes the CARES Act significantly raises the amount of charitable giving deductible from 60% of filers’ adjusted gross income (AGI) to 100% of AGI.
- The CARES Act raises the amount of charitable giving that corporations can deduct from 10% of taxable income to 25% of taxable income
- The bill also raises the amount of in-kind donations of food that corporations can deduct from 15% of taxable income to 25% of taxable income