Before PPA
|
After PPA
|
| 1. A contribution of cash or a check under $250
did not require the donor to provide a receipt for tax deductibility purposes. |
Contributions of cash or a check for any
amount now require documentation for tax
deductibility purposes—for those gifts under
$250, a cancelled check or bank record or a
receipt from the charitable organization is required. The receipt requirements are the same
for gifts of $250 or more. |
| 2. Gifts of conservation easements could offset
taxes by 30% of adjusted gross income. Donors could carry forward any excess deductions for
five years. |
Gifts of conservation easements can offset
taxes by 50% of AGI. Donors can carry forward any excess deductions for 15 years. |
| 3. Contributions of clothing and household items
were generally deductible at their fair market value. |
No charitable deduction is allowed for a gift
of clothing or household items unless the
items are considered to be in good used
condition or better. |
| 4. The contribution of a facade easement of a building in a historic district was
deductible as a qualified conservation contribution. |
To qualify for deductibility as a conservation
contribution, the easement donation must preserve the entire exterior of the historic building—not just the facade—and prohibit any
alterations of the exterior that are inconsistent with the historical character of the exterior. |
| 5. A contribution of food inventory by a business
was generally deductible at the business’s cost basis, or the food inventory’s fair market value
if less than the cost basis. |
A contribution of food inventory by a business
is deductible at either the business’s cost basis plus one-half of the profit if the food had been
sold or twice the business’s cost basis, whichever is less. |
| 6. A contribution of book inventory was generally
deductible at the business’s cost basis, or the book inventory’s fair market value if less than
the cost basis. |
Contributions of book inventory to public
schools qualify for enhanced deductions for
donating businesses. |
