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Charitable Act Introduced in the Senate

On March 1, a bipartisan group of Senators led by Sens. James Lankford (R-OK) and Chris Coons (D-DE) introduced the Charitable Act (S.566). If passed, this legislation would restore the temporary charitable deduction for nonitemizers valued at up to one-third of the standard deduction for 2023 and 2024. This would also include contributions to donor-advised funds. The Council on Foundations strongly supports this legislation, which could unlock the door for billions of dollars to flow into communities that desperately need it.