The Senate’s $1 trillion coronavirus bailout legislation would create a temporary “universal deduction” that would allow all taxpayers to deduct their gifts to charity regardless of whether they itemize, and would make smaller nonprofits eligible for loans of up $10 million each, much of which would be forgiven.
Under the bill, people who don’t itemize their taxes could deduct up to $300 in cash donations for the 2020 tax year, according to an analysis of bill by the National Council of Nonprofits.
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