Bipartisan Legislation Restores Charitable Giving Incentives
President Obama recently signed into law bipartisan legislation that addresses several charitable nonprofit policy issues. Approved by the Senate as the Consolidated Appropriations Act, 2016, the bill permanently restores the following expired charitable giving incentives: The food donation tax deduction. This tax incentive increases the charitable giving limit and permits small businesses that donate wholesome surplus food to a qualified nonprofit organization to receive the same enhanced tax deduction C corporations are allowed to take. In addition, the provision also raises the limit for business donations to 15 percent of adjusted gross income, as well as helps farmers and ranchers via a new. Read More.