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H.R. 1432, VETT Act (CBO Report for Congress)

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Congress 118th
Date Requested Jan. 18, 2024
Requested By the House Committee on Ways and Means on
Date Sent Feb. 6, 2024
Description:
H.R. 1432 would allow contributions to certain federally chartered veterans’ organizations to be deducted from individual or corporate income taxes as charitable contributions. Under current law, contributions to some veterans’ organizations are deductible only as long as at least 90 percent of the recipient’s members are people who have served in the U.S. Armed Forces during a period of war. The bill also would allow individual tax filers who contribute to a qualifying organization to deduct donations of up to 60 percent of their adjusted gross income—a limit that applies generally to contributions to public charities.

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