A corporation deducts gifts only between 1 and 10 percent of taxable income
What the document says“exceeds 1 percent of the taxpayer's taxable income for the taxable year, and”
The section rewrites section 170(b)(2)(A) of the Internal Revenue Code of 1986 so that a charitable contribution other than one covered by subparagraph (B) or (C) is deductible only so far as the total of such contributions exceeds 1 percent of taxable income for the year and does not exceed 10 percent of taxable income for the year.
What the document actually says“exceeds 1 percent of the taxpayer's taxable income for the taxable year, and”
The total of the gifts must top 1 percent of taxable income. That is the floor.
A ceiling of 10 percent also applies. So only the band between the two counts. Gifts below the floor get no deduction.
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