Bill Summary
Major Provisions of the Community Solutions Act
The following summarizes the major provisions of H.R. 7, the Community Solutions Act, as passed by the House on July 19, 2001. Title I: Charitable Giving Incentives Package. Amends the Internal Revenue Code to allow a nonitemizer a limited deduction (up to $25 in 2002 increasing incrementally to $100 by 2010) for charitable contributions. Permits tax-free distributions from an individual retirement account made directly to a qualified charity. Increases incrementally from 10 percent of income to 15 percent of income by 2010 the percentage of income a corporation may deduct as a charitable contribution. Sets forth a rule for determining…
