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CARES Act Includes Charitable Giving Incentives

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, includes the following charitable giving incentives for 2020:

  • A $300 above-the-line income adjustment for cash gifts to public charities for non-itemizers.
  • An unlimited (100%) adjusted gross income deduction for cash gifts to public charities for itemizers. Unused amounts can be carried forward for up to an additional five years subject to the usual 60% AGI limitation.

The Internal Revenue Service is expected to issue guidance and clarification regarding CARES Act provisions. Please check the IRS’s Coronavirus Tax Relief and Economic Impact Payments website for updated information. If you have questions about making a gift to support the UVA School of Medicine, please contact us.