Washington (Feb. 4, 2003) -- Sen. Chuck Grassley, chairman of the Committee on Finance, re-introduced legislation establishing a series of tax breaks to encourage Americans to donate to charities. The legislation also includes Grassley's "sunshine" provisions to promote greater accountability from charities to their donors.
"Charities have a lot of needs, and many Americans have a lot to give," Grassley said. "It makes perfect sense to make sure the tax code eases the flow of generosity from taxpayers to worthy causes. Those causes are infinite. Tax policy should reflect that."
Grassley introduced the tax section of the CARE Act - the broad bill that helps the President establish his faith-based initiative - as an independent bill. Co-sponsoring the bill are Sen. Max Baucus, ranking member of the Finance Committee, and Sens. Rick Santorum and Joe Lieberman, the sponsors of the CARE Act.
Last year, the Finance Committee approved legislation establishing tax incentives for charitable giving, but the Senate's Democratic leadership at the time didn't schedule full Senate consideration of the bill, which died when Congress adjourned.
-- Electronic Accountant Newswire staff
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access