Legislation that will provide over $2 billion a year in tax breaks for charitable negotiations has been approved by the House of Representatives in a vote this week.
The measure was cleared by a resounding 408 for to 13 against and the next step will be negotiation with the Senate who passed a version of the bill 95-5 back in April this year.
If the bill becomes law then it is expected to cost some $13 billion over the next decade and includes tax free distributions from individual retirement accounts towards eligible charitable causes, an increase of the cap on corporate charitable contributions from 10% to 20%, and simplified claim deductions for charitable contributions of land for conservation, technical and scientific equipment and food.
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