Charitable Giving Incentive:Includes a new deduction for total charitable contributions, as well as other incentives. More information can be found at AFP, Foundation for Philanthropy.
Employee Retention Payroll Tax Credit:Creates a refundable payroll tax credit of up to $5,000 for each employee on the payroll. To be eligible, a nonprofit must have experienced a drop in revenue of at least 50% in the first quarter of 2020 compared with the first quarter of 2019. The credit is available each quarter until the nonprofit’s revenue exceeds payroll by 80% of the same quarter in 2019. Nonprofits receiving emergency SBA loans are not eligible for these credits. For more information, see the IRS Page on this topic.