S.1780 - CARE Act of 2005

A bill to amend the Internal Revenue Code of 1986 to provide incentives for charitable contributions by individuals and businesses, to improve the public disclosure of activities of exempt organizations, and to enhance the ability of low-income Americans to gain financial security by building assets, and for other purposes. view all titles (3)

All Bill Titles

  • Short: CARE Act of 2005 as introduced.
  • Short: Savings for Working Families Act of 2005 as introduced.
  • Official: A bill to amend the Internal Revenue Code of 1986 to provide incentives for charitable contributions by individuals and businesses, to improve the public disclosure of activities of exempt organizations, and to enhance the ability of low-income Americans to gain financial security by building assets, and for other purposes. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
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09/28/05
 
 
 
 
 
 
 

Official Summary

CARE Act of 2005 - Amends Internal Revenue Code provisions relating to charitable giving, including to: (1) allow nonitemizing taxpayers to claim a tax deduction for charitable contributions; (2) permit tax-free distributions from individual retirement accounts for charitable purposes; (3)

Official Summary

CARE Act of 2005 - Amends Internal Revenue Code provisions relating to charitable giving, including to:
(1) allow nonitemizing taxpayers to claim a tax deduction for charitable contributions;
(2) permit tax-free distributions from individual retirement accounts for charitable purposes;
(3) expand the tax deductions for charitable contributions of food and book inventories;
(4) allow an increased tax deduction for charitable contributions of literary, musical, artistic, and scholarly compositions; and
(5) exclude from gross income reimbursements to volunteers for the charitable use of an automobile. Revises various disclosure and oversight requirements relating to tax-exempt organizations. Restores and increases funding for the Social Services Block Grant Program. Savings for Working Families Act of 2005 - Allows certain low income individuals to establish individual development accounts (IDAs) to accumulate assets for homeownership, education, business startup, and other purposes. Allows an investment tax credit for contributions to an IDA. Authorizes the Secretary of Health and Human Services, the Corporation for National and Community Service, the U.S. Attorney General, and the Secretary of Housing and Urban Development to award grants to, and enter into cooperative agreements with, nongovernmental organizations to assist nonprofit community-based organizations in delivering social services. Requires the Secretary of Health and Human Services to contract for an evaluation of maternity group homes under the Runaway and Homeless Youth Act.

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