Tax Law Updates | New Statutes, Regulations, and Rulings
February 2, 2010
New Tax Statute Accelerates Income Tax Benefits for Cash Contributions to Haiti Earthquake Victims
To Accelerate the Income Tax Benefits for Charitable Cash Contributions for the Relief of Victims of the Earthquake in Haiti
Public Law No: 111-126, H.R. 4462, 1/22/2010
United States President Barack Obama has signed into law H.R. 4462, which allows taxpayers to accelerate the income tax benefits for certain charitable cash contributions made before March 1, 2010, for the relief of victims of the earthquake in Haiti. Both the Senate and the House of Representatives passed by voice vote the legislation, which now is designated as Public Law No. 111-126, as its assigned number.
The statute allows individuals who make charitable contributions to aid Haitian earthquake victims to elect to claim an itemized charitable deduction on their 2009 tax return, rather than having to wait until the succeeding…
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