Haiti Assistance Income Tax Relief Act
2/4/2010
President Barack Obama signed the Haiti Assistance Income Tax Relief Act on January 22nd. The signing comes after the Senate, on January 21st, passed by unanimous consent the Haiti Assistance Income Tax Relief Act (S. 2936), which was identical to H.R. 4462, passed by the House on January 20th.
The bill allows individuals who make charitable contributions to aid Haitian earthquake victims to elect to claim an itemized charitable deduction on their 2009 tax return (instead of having to wait until next year to claim the deductions on their 2010 tax return). The election applies only to Haitian relief contributions made in cash after January 11, 2010, and before March 1, 2010. If the election is made, Haiti relief donations are deductible on the 2009 return - not the 2010 return.
The bill also relieves recordkeeping requirements for Haitian relief contributions. For these contributions, a telephone bill satisfies the Code Sec. 170(f)(17) recordkeeping requirements if it shows the name of the donee organization, the date of the contribution, and the amount of the contribution.
If you have questions about the Haiti Assistance Income Tax Relief Act, contact Thomas F. Dougherty at 612-336-9330 or thomas.dougherty@lommen.com.