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Nonprofits Urge Senate To Expand Coronavirus Tax Relief

By Theresa Schliep · 2020-03-24 16:31:24 -0400

Senate legislation intended to combat the economic fallout of the novel coronavirus takes some steps in recognizing nonprofits, but it falls short of fully addressing the financial needs of the charitable sector, nonprofit organization leaders have said.

While the universal above-the-line tax deduction for charitable contributions might help nonprofits, federal aid should include a "robust" charitable deduction with a raised limit that can be immediately claimed on 2019 tax returns, the nonprofits said in a statement Monday. Federal aid should also include $60 billion in emergency funding to meet nonprofits' cash needs, said a charity consortium that includes the National Council of Nonprofits, the American Cancer Society and Goodwill Industries International.

The nonprofits also urged the Senate to clarify that all charitable nonprofits can qualify for loans for small businesses, according to the statement. The Senate spent Monday negotiating the Coronavirus Aid, Relief and Economic Security Act, or H.R. 748, which includes tax relief and financial aid to revitalize the U.S. economy in light of the COVID-19 pandemic.

--Additional reporting by Stephen Cooper. Editing by Neil Cohen.

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