New COVID-19 legislation as of March 25, 2020: Charitable Giving Incentive: Creates a new above-the-line deduction (universal or non-itemizer deduction that applies to all taxpayers) for total charitable contributions of up to $300. The incentive applies to cash contributions made in 2020 and can be claimed on tax forms next year. Section 2204. The law also lifts the existing cap on annual contributions for those who itemize, raising it from 60 percent of adjusted gross income to 100 percent. For corporations, the law raises the annual limit from 10 percent to 25 percent. Food donations from corporations would be available to 25 percent, up from the current 15 percent cap. Section 2205.
Dodge City Community College Foundation, 2501 N. 14th Avenue, Dodge City, KS 67801
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Foundation Director
(620) 225-9541
chaselhorst@dc3.edu
2501 N. 14th Avenue, SAC STE 103