New Law Allows 2010 Haiti Relief Contribution Deductions On 2009 Returns
Taxpayers making charitable cash contributions in early 2010 to help Haiti after the devastating January 12 earthquake can claim a deduction on their 2009 federal tax returns. The House of Representatives unanimously passed H.R. 4462 on January 20 to allow taxpayers to claim a charitable deduction on their 2009 returns for qualified Haiti disaster relief contributions made after January 11, 2010 and before March 1, 2010. The Senate approved the measure on January 21, and President Obama promptly signed it into law on January 23.
HAITI CONTRIBUTIONS
Contributions must be made specifically for relief of victims in areas affected by the January 12 earthquake. All donations to Heartline for Earthquake Relief will qualify.
The contribution must be “cash” (as opposed to property) to qualify for this special treatment. Qualifying “cash” donations for this purpose include payment in cash, check, credit card, debit card, or text message. Contributions of marketable securities or other property, however easily convertible into cash, cannot be accelerated. Also, this law does not waive the normal percentage limitation and carryover rules for charitable deductions.
For more information, contact HLM Treasurer Tom White at tom.white@heartlineministries.org