H.R.5806 - Supporting America's Charities Act113th Congress (2013-2014)
|Sponsor:||Rep. Camp, Dave [R-MI-4] (Introduced 12/08/2014)|
|Committees:||House - Ways and Means; Budget|
|Latest Action:||House - 12/11/2014 On motion to suspend the rules and pass the bill Failed by the Yeas and Nays: (2/3 required): 275 - 149 (Roll no. 562). (All Actions)|
|Roll Call Votes:||There has been 1 roll call vote|
This bill has the status Failed House
Here are the steps for Status of Legislation:
- Failed House
Summary: H.R.5806 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in House (12/08/2014)
Supporting America's Charities Act - Amends the Internal Revenue Code to make permanent: (1) the tax deduction for charitable contributions by individuals and corporations of real property interests for conservation purposes, and (2) tax-free distributions from individual retirement accounts (IRAs) for charitable purposes. Allows a tax deduction for charitable contributions for conservation purposes of property conveyed under the Alaska Native Claims Settlement Act by an Alaska Native Corporation.
Modifies the tax deduction for charitiable contributions of food inventory to: (1) increase the amount of deductible food inventory contributions that taxpayers other than C corporations may make in any taxable year from 10% to 15% of their aggregate net income and to limit such amount for a C corporation to 15% of its taxable income; (2) permit a taxpayer who is not required to account for inventories or capitalize indirect costs to elect, solely for purposes of computing the amount of such deduction, to treat the basis of any apparently wholesome food (as defined in the Bill Emerson Good Samaritan Food Donation Act) as equal to 25% of the fair market value of such food and to set forth a formula for determining the fair market value of such food; and (3) make such deduction, as modified, permanent.