CARES Act Tax Incentive
Many have heard of the CARES (Corona Aid, Relief and Economic Security) Act, a stimulus program passed in light of the impact of the Covid-19 pandemic. We are happy to share that it includes an increased tax incentive for those making charitable contributions to CRL. The CARES program temporarily modifies the federal tax code to create an above-the-line deduction in 2020 of up to $300 for individuals and $600 for married couples for charitable contributions. Because the deduction is above-the-line, it also may reduce state income taxes for some taxpayers. This deduction can be utilized by the approximately 86% of taxpayers who use the standard deduction; previously there was no tax incentive for those who do not itemize deductions. This provision offers a temporary opportunity for nonprofits like CRL to survive these trying times. Please renew your membership or give a gift to CRL today!