CCH Briefing Details Charitable Deduction Provisions for Haiti Earthquake Relief
Thursday, January 21, 2010
Posted by: Boomer Consulting, Inc.
The Senate on January 21 passed legislation allowing taxpayers making monetary contributions in early 2010 to help Haiti after the devastating earthquake to claim a deduction on their 2009 federal tax returns. The President is expected to sign the measure. Read the updated CCH Tax Briefing here.
Following unanimous passage by the House of Representatives today of a bill that would allow taxpayers who make charitable contributions for Haitian earthquake relief to deduct them from their 2009 taxes, CCH has issued a Special Tax Briefing on the legislation. The bill now moves on to the Senate. To read the Briefing, click here.
"The House bill will benefit those who make monetary contributions and who can itemize their deductions,” said CCH Principal Federal Tax Analyst Mark Luscombe, JD, LLM, CPA. Similar legislation was enacted after the 2004 Indian Ocean tsunami.”
One novel feature of the House bill is that it allows taxpayers to substantiate deductions made by cell phone with a record from their cellular provider showing the date, amount and name of the organization receiving the contribution.
The Senate is expected to pass the bill as it is received from the House, but further legislation may be in the offing.
"Some provisions enacted for Katrina relief just expired at the end of last year, and Congress may want to revisit them,” Luscombe said.
CCH Tax Briefings
To read the Briefing, click here. Timely, current analysis of tax legislation and other federal tax developments can be found at CCH Tax Legislation Coverage.
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