| Home > 106th Congressional Bills > H.R. 1673 (ih) To provide bonus funds to local educational agencies that adopt a policy to end social promotion. [Introduced in House] ...
H.R. 1673 (ih) To provide bonus funds to local educational agencies that adopt a policy to end social promotion. [Introduced in House] ...
108th CONGRESS 1st Session H. R. 1672 To amend the Internal Revenue Code of 1986 to provide a credit for charitable contributions to fight poverty. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES April 8, 2003 Mr. Kolbe (for himself and Mr. Knollenberg) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to provide a credit for charitable contributions to fight poverty. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Tax Credit for Charitable Contributions Act of 2003''. SEC. 2. CREDIT FOR CHARITABLE CONTRIBUTIONS TO CERTAIN PRIVATE CHARITIES PROVIDING ASSISTANCE TO THE POOR. (a) In General.--Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to nonrefundable personal credits) is amended by inserting after section 25B the following new section: ``SEC. 25C. CREDIT FOR CERTAIN CHARITABLE CONTRIBUTIONS. ``(a) In General.--In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the qualified charitable contributions which are paid by the taxpayer during the taxable year. ``(b) Limitation.--The credit allowed by subsection (a) for the taxable year shall not exceed $100 (twice such amount in the case of a joint return). ``(c) Qualified Charitable Contribution.--For purposes of this section, the term `qualified charitable contribution' means any charitable contribution (as defined in section 170(c)) made in cash to a qualified charity but only if the amount of each such contribution, and the recipient thereof, are identified on the return for the taxable year during which such contribution is made. ``(d) Qualified Charity.-- ``(1) In general.--For purposes of this section, the term `qualified charity' means, with respect to the taxpayer, any organization described in section 501(c)(3) and exempt from tax under section 501(a)-- ``(A) which is certified by the Secretary as meeting the requirements of paragraphs (2) and (3), ``(B) which is organized under the laws of the United States or of any State in which the organization is qualified to operate, and ``(C) which is required, or elects to be treated as being required, to file returns under section 6033. ``(2) Charity must primarily assist the poor.--An organization meets the requirements of this paragraph only if the predominant activity of such organization is the provision of services to individuals whose annual incomes generally do not exceed 150 percent of the official poverty line (as defined by the Office of Management and Budget). ``(3) Minimum expenditure requirement.-- ``(A) In general.--An organization meets the requirements of this paragraph only if the Secretary reasonably expects that the annual exempt purpose expenditures of such organization will not be less than 70 percent of the annual aggregate expenditures of such organization. ``(B) Exempt purpose expenditure.--For purposes of subparagraph (A)-- ``(i) In general.--The term `exempt purpose expenditure' means any expenditure to carry out the activity referred to in paragraph (2). ``(ii) Exceptions.--Such term shall not include-- ``(I) any administrative expense, ``(II) any expense for the purpose of influencing legislation (as defined in section 4911(d)), ``(III) any expense primarily for the purpose of fundraising, and ``(IV) any expense for litigation on behalf of any individual referred to in paragraph (2). ``(e) Time When Contributions Deemed Made.--For purposes of this section, at the election of the taxpayer, a contribution which is made not later than the time prescribed by law for filing the return for the taxable year (not including extensions thereof) shall be treated as made on the last day of such taxable year. ``(f) Coordination With Deduction for Charitable Contributions.-- ``(1) Credit in lieu of deduction.--The credit provided by subsection (a) for any qualified charitable contribution shall be in lieu of any deduction otherwise allowable under this chapter for such contribution. ``(2) Election to have section not apply.--A taxpayer may elect for any taxable year to have this section not apply. ``(g) Maximum Amount of Credit Adjusted for Inflation.--In the case of any taxable year beginning in a calendar year after 2003, the $100 amount contained in subsection (b) shall be increased by an amount equal to-- ``(1) such dollar amount, multiplied by ``(2) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting `calendar year 2002' for `calendar year 1992' in subparagraph (B) thereof. Any increase determined under the preceding sentence shall be rounded to the nearest multiple of $5.'' (b) Clerical Amendment.--The table of sections for subpart A of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 25B the following new item: ``Sec. 25C. Credit for certain charitable contributions.'' (c) Effective Date.--The amendments made by this section shall apply to contributions made after the 90th day after the date of the enactment of this Act in taxable years ending after such date. <all>
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