Bills / Cases / IRS
No "3% Haircut" for Charitable Gifts
1st Session
H.R. 776
IN THE HOUSE OF REPRESENTATIVES
February 28, 2001
Mr. CRANE (for himself, Mr. PAUL, Mr. TANCREDO, Mr. SOUDER,
Mr. BRADY of Texas, Mr. PETERSON of Pennsylvania, and
Mr. WATKINS) introduced the following bill; which was
referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to exempt the deduction for charitable contributions from the phaseout of itemized deductions.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. EXEMPTION OF CHARITABLE CONTRIBUTION DEDUCTION FROM PHASEOUT OF ITEMIZED DEDUCTIONS.
(a) IN GENERAL. -- Subsection (c) of section 68 of the Internal Revenue Code of 1986 (relating to overall limitation on itemized deductions) is amended by striking 'and' at the end of paragraph (2), by striking the period at the end of paragraph (3) and inserting ', and', and by adding at the end the following new paragraph:
"(4) the deduction under section 170 (relating to charitable, etc., contributions and gifts)."
(b) EFFECTIVE DATE. -- The amendment made by this section shall apply to taxable years beginning after December 31, 2001.
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"Members of the Oxy community who support Oxy through their estate plans have provided us with an incredibly distinctive gift-an infinite investment in the College. We are grateful to these generous donors whose forethought will allow Oxy to deliver our exceptional liberal arts education to generation upon generation of talented students."
- President Harry J. Elam, Jr.
"Oxy showed me that the path to one's goals need not be linear or conventional. I learned how to think, to write, to create; to trust my instincts and pursue my interests with passion and a standard of excellence. Not a day has passed that I have not been rewarded in some way by my Occidental education."
Michael and his wife Pamela recently documented an estate gift to support the Obama Scholars Program and the EdgertonOccidental Merit Scholarship.