Origin: In calculating net income, corporations may deduct charitable donations up to 10% of taxable income computed without the deduction. The Tax Cuts and Jobs Act (TCJA; enacted December 22, 2017) changed the limitation and 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; M.G.L. c. 63, § 30.4
Tax Type
Tax Expenditure
Item Number
Item Name
Description
Origin
FY2021
FY2022
FY2023
FY2024
FY2025
Corporate Excise Tax
Deductions from Gross Income
2.201
Charitable Contribution and Gift Deduction
In calculating net income, corporations may deduct charitable donations up to 10% of taxable income computed without the deduction. The Tax Cuts and Jobs Act (TCJA; enacted December 22, 2017) changed the limitation and 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="https://www.law.cornell.edu/uscode/text/26/170" target="_blank">IRC §170</a>; M.G.L. <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter63/Section30" target="_blank">c. 63, § 30.4</a>
59.0
69.6
71.9
70.8
70.2
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