Wyden Wins Fight for Charitable Donations in Tax Legislation
Washington, D.C. – Sen. Ron Wyden, D-Ore., said today that his successful fight to include expanded and permanent charitable deductions in new tax legislation will provide food banks with much-needed certainty about the donations that support their essential work to fight hunger in Oregon and nationwide.
“We cannot afford to play games when it comes to hunger. Oregonians who need food assistance and the people working so hard to help them deserve a tax policy that supports this lifeline for children and families to the fullest,” Wyden said. “I am gratified the life-saving fight against hunger now receives such a valuable tool as permanent and expanded support for food donations.”
The food donation provision included in the Protecting Americans from Tax Hikes (PATH) Act released Tuesday night by congressional leaders permanently extends the enhanced deduction for charitable contributions of food inventory for non-corporate business taxpayers. The provision also increases the limitation on deductible contributions of food inventory and modifies the deduction to provide special rules for valuing food inventory.
Wyden visited the Oregon Food Bank in Portland on Dec. 12 to thank volunteers and help pack food for delivery to hungry Oregonians.
Wyden said today that he was also pleased the PATH Act also makes permanent
- Earned income tax credits to help working families get ahead;
- Child tax credits for parents trying to raise a family
- His PARTNERSHIPS Act to help students and families pay for college. To read more about Wyden’s PARTNERSHIPS Act on college affordability, click here.
“This bill highlights clear priorities for reforming our tax system,” Wyden said. “What does that mean? Millions of working families with children will not find themselves suddenly taxed into poverty. Millions of college students won’t have the rug pulled out from under them when the tuition bill arrives. Charities can confidently plan and expand the good work they do. And small business and enterprises on the forefront of innovation now have the economic certainty they deserve.
“At the same time we are phasing out provisions like bonus depreciation which were always designed to be temporary,” Wyden said. “But now is not the time for Congress to slow down and pat itself on the back. Today is a down payment on tax reform and our work continues as we strive towards a complete overhaul of our broken tax system.”
To view a copy of the tax bill text click here.
A section-by-section summary of the legislation can be found here.
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