Individual donors can support non-profit arts organizations by taking advantage of the charitable giving incentive in the CARES Act.
The stimulus bill contains an “above-the-line” deduction or universal charitable giving incentive for cash contributions of up to $300 made in 2020. This provision will now allow all non-itemizer taxpayers (close to 90% of all taxpayers) to deduct charitable contributions from their tax return, an incentive previously unavailable to them. Additionally, the stimulus legislation lifts the existing cap on annual contributions for itemizers from 60 percent of adjusted gross income (AGI) to 100 percent of AGI for contributions made in 2020.
Read the Americans for the Arts press release for more information.