S. 677 — Introduced in Senate

II 118th CONGRESS 1st Session S. 677 IN THE SENATE OF THE UNITED STATES March 7, 2023Mr. Cassidy (for himself and Ms. Duckworth) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to provide for the deductibility of charitable contributions to certain organizations for members of the Armed Forces. 1. Short title This Act may be cited as the VSO Equal Tax Treatment Act or the VETT Act. 2. Deductibility of charitable contributions to certain organizations for members of the Armed Forces (a) In general (1) Definition of a charitable contribution Section 170(c) of the Internal Revenue Code of 1986 is amended by inserting after paragraph (5) the following new paragraph: (6) An organization described in section 501(c)(19) that is a federally chartered corporation. . (2) Percentage limitation Section 170(b)(1)(A) of the Internal Revenue Code of 1986 is amended by striking or at the end of clause (viii), by adding or at the end of clause (ix), and by adding at the end the following new clause: (x) an organization described in section 501(c)(19) that is a federally chartered corporation, . (b) Effective date The amendments made by this section shall apply with respect to taxable years beginning after the date of enactment of this Act.