Higher Tax Deductions for Volunteer Drivers Using Personal Cars for Charity.
This bill increases the mileage deduction rate for individuals who use their personal vehicles for charitable purposes, such as transporting people or property for non-profit organizations. Instead of the current low fixed rate, volunteers will be able to deduct mileage at the same, higher rate used for business travel. This change aims to provide greater financial support to those assisting non-profits.
Key points
Increased Tax Deduction: Volunteers transporting people or property for charity can deduct mileage at the higher standard business travel rate.
Financial Support for Volunteers: This change increases the financial benefit for individuals dedicating their time and vehicles to social causes.
Retroactive Application: The new rules apply to taxable years beginning after December 31, 2022.
Expired
Additional Information
Print number: 118_S_3020
Sponsor: Sen. Klobuchar, Amy [D-MN]
Process start date: 2023-10-04