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No "3% Haircut" for Charitable Gifts

107th CONGRESS
1st Session
H.R. 776
IN THE HOUSE OF REPRESENTATIVES
February 28, 2001

Mr. CRANE (for himself, Mr. PAUL, Mr. TANCREDO, Mr. SOUDER,
Mr. BRADY of Texas, Mr. PETERSON of Pennsylvania, and
Mr. WATKINS) 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 exempt the deduction for charitable contributions from the phaseout of itemized deductions.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. EXEMPTION OF CHARITABLE CONTRIBUTION DEDUCTION FROM PHASEOUT OF ITEMIZED DEDUCTIONS.

(a) IN GENERAL. -- Subsection (c) of section 68 of the Internal Revenue Code of 1986 (relating to overall limitation on itemized deductions) is amended by striking 'and' at the end of paragraph (2), by striking the period at the end of paragraph (3) and inserting ', and', and by adding at the end the following new paragraph:

"(4) the deduction under section 170 (relating to charitable, etc., contributions and gifts)."

(b) EFFECTIVE DATE. -- The amendment made by this section shall apply to taxable years beginning after December 31, 2001.