CARES Act Changes to Charitable Giving for 2020

June 30, 2020

FOR IMMEDIATE RELEASE

Make a donation to the Addison Township Public Library Capital Campaign and increase your 2020 tax deduction with new provisions listed in the CARES Act

In response to the health crisis facing our nation, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act in March 2020. In addition to providing individual stimulus checks, the CARES Act includes provisions that impact charitable giving.

Cash Gifts
Individuals who do not itemize their deductions can claim a deduction for up to $300 (up to $600 for a household filing jointly) in charitable giving. This new deduction reduces a donor’s adjusted gross income, resulting in a reduction of taxable income and tax savings.

100% Charitable Deduction Limit
For individuals who itemize, the usual deduction limit for cash gifts to public charities is 60% of adjusted gross income (AGI). For 2020, gifts of cash to charity are deductible up to 100% of AGI.

CARES Act charitable giving incentives only apply to cash donations made to public charities. Please see your accountant or tax advisor to determine the tax impact of your charitable donations for 2020.

New Building Funding Status
Details on the project status, building design, and our fundraising progress can be found on the website of the Addison Township Public Library Capital Campaign, www.letsbuildalibrary.org.