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Senators James Lankford (R-OK) and Chris Coons (D-DE), will host a press conference for the Charitable Act.

The bill will expand and extend the expired non-itemized deduction for charitable giving that would ensure Americans who donate to charities, houses of worship, religious organizations, and other nonprofits of their choice are able to deduct that donation from their federal taxes at a higher level than the previous $300 deduction.

Specifically, the bill would make available to taxpayers who do not itemize on their tax return—for tax years 2023 and 2024—a below-the-line deduction for charitable giving on federal income taxes valued at up to one-third of the standard deduction (around $4,500 for an individual filer and around $9,000 for married joint filers). The standard deductions for tax year 2023 are $13,850 for individual filers and those married filing separately and $27,700 for married joint filers.

The press conference will be held on Wednesday, March 1 at 12:45 p.m. Central Standard Time.