bush H.R. 241 tax deduction tsunami relief

Statement on H.R. 241, Accelerating Income Tax Benefits for Charitable Contributions for Tsunami Victims

On Friday, January 07, 2005, the President has signed into law;

H.R. 241, which accelerates income tax benefits (deductions) for charitable cash contributions for relief of Indian Ocean tsunami victims. ###

For Immediate Release Office of the Press Secretary January 7, 2005

"Contributions are deductible for the year in which they are actually made. However, under a new law enacted on Jan. 7, donors who itemize are allowed to claim on their 2004 tax returns charitable donations made during Jan. 2005 for the relief of the tsunami victims."
SOURCE: IRS

RELATED:

• H.R.241 tax charitable contributions relief tsunami - IN GENERAL- For purposes of section 170 of the Internal Revenue Code of 1986, a taxpayer may treat any contribution described in subsection (b) made in January 2005 as if such contribution was made on December 31, 2004, and not in January 2005.
• tax deduction tsunami relief donations - Sen. Chuck Grassley, chairman of the Committee on Finance, today joined Sen. Max Baucus, ranking member, in announcing a plan to extend the period of time in which Americans can claim tax deductions for charitable donations to assist victims of the earthquake and tsunami that hit Southeast Asia on December 26.
• tsunami disaster relief tax deduction - U.S. Senator Max Baucus (D-Mont), Ranking Member of the Senate Finance Committee, joined by Chairman Chuck Grassley, applauded the passage of tax legislation to allow extra time for Americans to make cash donations (deduction) to charities supporting relief operations in the Indian Ocean basin.
• Baucus and Grassley Applaud Passage of Proposal to Aid Tsunami Victims
• IRS Publication 3833, Disaster Relief: Providing Assistance through Charitable Organizations (PDF 507K), explains how the public can use charitable organizations to help victims of disasters, and how new organizations can obtain tax-exempt status.