Advocates of charities are urging Congress to revive a charitable giving deduction for taxpayers who don’t itemize on their tax returns. The above-the-line tax deduction was created by the CARES Act in response to the pandemic. It was available in 2020 and extended through 2021 but has expired for 2022. For 2021, the deduction was capped at $300 for individual taxpayers and $600 for married couples filing jointly. Sen. James Lankford (R-OK) pointed out that after the deduction was created, charitable gifts of under $250 increased by 15% in 2020 from 2019. Sen. Ron Wyden (D-OR), said he believes there’s bipartisan support for extending the deduction and possibly expanding it. Stay tuned.
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