New Charitable Giving Incentives
In This SectionBuilding on years of advocacy by orchestras in partnership with the broader nonprofit sector, a new universal charitable deduction is available, allowing the growing number of taxpayers who do not itemize their returns to receive a tax deduction for charitable donations. The new universal charitable deduction for non-itemizers that was created under the CARES Act has been extended to apply throughout the 2021 tax year, and expanded so that single filers may deduct up to $300, and joint filers will be eligible for a $600 deduction for cash contributions.
In both 2020 and 2021, for taxpayers that itemize returns, the limit on the total percentage of Adjusted Gross Income (AGI) eligible for the charitable deduction has been lifted, and the limit on corporate contributions has been raised to 25%.
In This Section
- Federal Assistance
- Shuttered Venue Operators Grant (aka Save Our Stages)
- Paycheck Protection Program and Loan Forgiveness
- Employee Retention Credits
- Families First Paid Leave Provisions
- Pandemic Unemployment Benefits, Including Self-Employed individuals
- SBA Economic Injury Disaster Relief and Loan Advance
- Relief for Nonprofits Self-Insuring Unemployment Benefits
- International Artist Visas
- National Endowment for the Arts Funding
- Background
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