The CARES Act + Victory Junction
By Tonya Hayes
April 3, 2020
On March 27th, the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law. The CARES Act includes three incentives to encourage charitable giving from individuals and corporations:
● A temporary universal deduction that applies to non-itemizing taxpayers for cash charitable contributions in 2020 up to $300. The incentive applies to cash contributions made in 2020 and can be claimed on tax forms next year;
● The existing cap is lifted on annual cash contributions for those who itemize, raising it from 60% of adjusted gross income to 100%; and
● For corporations, the law raises the annual limit on AGI from 10% to 25%.
For the kids – your investment in a strong Victory Junction means the world to them. Please consider taking advantage of the charitable giving incentives by making a gift for the kids at Camp today!
