Now is the time to donate with the new CARES Act!
On March 27, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), a $2.2 trillion emergency relief bill aimed at providing relief to the American people and businesses in response to the coronavirus. In addition to facilitating direct financial relief to affected nonprofit organizations, the CARES Act also creates charitable giving incentives for donors to 501(c)(3) nonprofit organizations like Habitat for Humanity of Northern Virginia.
If you are someone who does not itemize on your taxes:
You can include $300 in charitable contributions to as an above-the-line deduction for your 2020 taxes which means you don’t have to itemize other items to claim this deduction (Section 2204 of the CARES Act )
If you are someone who itemize on your taxes:
The cap for giving has been increased from 60% of adjusted gross income to 100% for your 2020 taxes (Sections 2205 of the CARES Act). By making a donation to Habitat NOVA, you can get more impact on your taxes from donations this year.
Learn more about the CARES Act and how this can impact your charitable giving by speaking to your tax professional or read more here. Please consider donating to Habitat NOVA as we want to continue to work to build a better Northern Virginia for families through affordable homeownership.