P.L. 109-1, An act to accelerate the income tax benefits for charitable cash contributions for the relief of victims of the Indian Ocean tsunami (2 comments ↓)

• This item is from the 109th Congress (2005-2006) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

H.R. 241, enacted as Public Law 109-1, allows taxpayers who make contributions in January 2005 to tsunami-relief efforts the option to deduct those contributions from their 2004 taxable income. Generally taxpayers who itemize their deductions may only apply eligible charitable contributions against their income for the calendar year in which the contributions are made. To qualify for this deduction, donations that are otherwise eligible for deductibility must be made in cash and pledged to aid victims of the December 26, 2004, tsunami in the Indian Ocean. Individuals opting to deduct such a contribution from their 2004 taxable income will not be allowed to deduct those same contributions next year.