Support the Mississippi Children’s Museum – Meridian!
Help us open strong in the Spring of 2021!
Charitable Giving Incentive: Includes a new above-the-line deduction (universal or non-itemizer deduction that applies to all tax-payers) for total charitable contributions up to $300. The incentive applies to contributions made in 2020 and would be claimed on tax forms next year. (Section 2204) The bill also lifts the existing cap on annual contributions for those who itemize, raising it from 60% of adjusted gross income to 100 percent. For corporations, the bill raises the annual limit from 10 percent to 25 percent. (Section 2205) Information from the American Alliance of Museums, March 27, 2020.