A gift that gets the credit may not also be a charitable deduction
What the document says“Any qualified contribution for which a credit is allowed under this section shall not be taken into account as a charitable contribution for purposes of section 170.”
The section provides that a qualified contribution for which the credit is allowed is not counted as a charitable contribution under section 170 of the Internal Revenue Code of 1986.
What the document actually says“Any qualified contribution for which a credit is allowed under this section shall not be taken into account as a charitable contribution for purposes of section 170.”
A gift that gets this credit does not count as a charity gift. That holds for one named tax rule.
So the same gift cannot get two breaks. The credit is the only one open. That rule is not indexed here.
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