Tax Update: Coronavirus relief bill includes charitable giving provisions

In March, the Coronavirus Aid, Relief, and Economic Security (CARES) Act received a lot of press when it was signed into law for its refundable tax credit of $1,200. However, the act also includes three other provisions that may be important to you:

  1. You may claim a charitable deduction for a cash gift equal to up to 100% of your adjustable gross income. This applies to the tax year 2020 only.
  2. The required minimum distribution from qualified retirement plans is temporarily waived for the 2020 tax year.
  3. Beginning in 2020, if you do not itemize, you can claim up to $300 in charitable deductions for cash gifts made to public charities. This applies to outright cash gifts as well as to funding a charitable gift annuity. As of this writing, this is a permanent deduction and will not expire.

The UO’s gift planning team is a resource for you and your tax or legal advisors. Phone us at 800-289-2354 or email

Tax Update

Aside from the $1,200 tax credit, do you know about the three other charitable provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act?

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