H.R. 3134, Charitable Giving Extension Act

Cost Estimate
June 5, 2014

As ordered reported by the House Committee on Ways and Means on May 29, 2014

H.R. 3134 would amend the Internal Revenue Code to permit individuals to deduct for a taxable year charitable contributions made after the close of that taxable year but generally not later than the subsequent April 15, the due date (determined without regard to extensions) for the individual’s income tax return for that taxable year. Under current law, a charitable deduction is generally claimed on the tax return for the year in which the contribution is made. Under H.R. 3134, if taxpayers elected to take such deductions for the taxable year before the contribution was made, they could not then deduct the same amounts again in the later year.

The staff of the Joint Committee on Taxation (JCT) estimates that enacting H.R. 3134 would reduce revenues, thus increasing federal budget deficits, by about $2.8 billion over the 2014-2024 period.

The Statutory Pay-As-You-Go Act of 2010 establishes budget-reporting and enforcement procedures for legislation affecting direct spending and revenues. Enacting H.R. 3134 would result in revenue losses in each year beginning in 2015.

JCT has determined that the bill contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.