In computing net income, corporations may deduct charitable donations up to 10% of taxable incomes computed without the deductions. The TCJA(Tax Cuts and Jobs Act, enacted December 22, 2017) changed that the charitable deduction is no longer allowed for contributions to a college or university in exchange for athletic event seating rights. There is a carryover of excess contributions available for 5 succeeding taxable years.
Origin: IRC, § 170 (b)(2)(A), (d)(2)(A)
Tax Type
Tax Expenditure
Item Number
Item Name
Description
Origin
FY2016
FY2017
FY2018
FY2019
FY2020
Corporate Excise Tax
Deductions from Gross Income
2.201
Charitable Contributions and Gifts Deduction
In computing net income, corporations may deduct charitable donations up to 10% of taxable incomes computed without the deductions. The TCJA(Tax Cuts and Jobs Act, enacted December 22, 2017) changed that the charitable deduction is no longer allowed for contributions to a college or university in exchange for athletic event seating rights. There is a carryover of excess contributions available for 5 succeeding taxable years.
<a href="http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00000170----000-.html" target="_blank">IRC, § 170 (b)(2)(A), (d)(2)(A)</a>
23.6
25.4
27.4
29.5
31.8
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