CARES Act Tax Incentive

New CARES Act tax incentives.

As the number of emerging needs for the college grows given the impact of the COVID-19 pandemic, we want to make sure we are there for our students each step of the way to ensure they continue their education. Fortunately, Congress recognizes the importance of continued charitable giving at this unprecedented time. Through the CARES Act they have allowed corporate and individual donors the opportunity to maintain or increase their giving in order to support the missions they most hold dear. 

What is the CARES Act? The CARES Act (Coronavirus Aid, Relief, and Economic Security) recognizes the important role that charitable giving plays in supporting the needs of our communities as we battle COVID-19. It contains a number of giving incentives for donors, which can be found below, and are also highlighted on our CARES Act Fact Sheet. In addition, a few key provisions are highlighted below.

CARES Act Guide for Canisius Alumni & Friends

  • The new law allows all taxpayers to take a charitable deduction of up to $300, even if you do not itemize. Each and every gift we receive supports Canisius and our students.
  • For those who do itemize their deductions, the new law allows for cash contributions to qualified charities such as ours to be deducted up to 100% of your adjusted gross income for the 2020 calendar year.
  • The new law temporarily suspends the requirements for required minimum distributions (RMD)for the 2020 tax year. Many of our donors use their RMD to make a gift from their IRA. If you are 70½ or older, you can still make a gift from your IRA or name us as a beneficiary. In addition, there are some new ways you can receive financial benefits and help the charities you care about.
  • The new law increased cash contribution limit from corporations from 10%- 25% in 2020. Charitable deductions from corporations in excess of 25% may be deducted for up to 5 years under the usual limits. We remain grateful for your generosity, which touches — and changes — so many lives. Please contact the Office of Institutional Advancement at Canisius at (716) 888-8218 if you have questions or want to talk further about these options.

 

CARES Act Guide for Canisius Alumni & Friends