CARES Act Becomes Law
How it may impact your charitable giving and philanthropic goals
The Coronavirus Aid, Relief and Economic Security Act (CARES) was signed into law on March 27, 2020. It includes provision that affect individual and corporate gifts made in 2020.
- 60% of Adjusted Gross Income (AGI) Limit suspended for 2020
- Corporations’ 10% limit increased to 25% for 2020
- New $300 deduction for qualified charitable donations
- Deduction for gifts to regional response funds
- Donor-advised funds not affected