The America Gives More Act of 2014 (the “Act”) includes several provisions about charitable deductions. Among those provisions are changes to the donations of conservation easements that would make permanent temporary provisions that terminated as of December 31, 2013. The Act would permit individuals and corporations to continue to take a deduction of up to 50% of their adjusted gross income and permit individuals and corporations to carryover the aggregate amount of the deduction for up to 15 succeeding years.
The permanent provisions of Section 170 of the Internal Revenue Code only permit individuals and corporations to take a deduction up to 30% of their adjusted gross income and to carryover the aggregate amount of the deduction for up to 5 succeeding years.
The Act was introduced May 22, 2014 by Representative Tom Reed (R) and was passed by the House (277-130) on July 17, 2014. The Senate returns from recess on September 8, 2014, but it is unclear whether Senate Majority Leader Harry Reid (D) will bring the Act to the Senate floor for a vote.