H.R. 2330: Virginia Beach Heroes Act

This bill is called the Virginia Beach Heroes Act. It is designed to provide specific tax benefits for cash contributions made to support the families of two law enforcement officers who were killed in the line of duty in Virginia Beach, Virginia, on February 22, 2025. The key components of the bill are as follows:

Tax Treatment of Contributions

The bill clarifies that any cash contributions made for the relief of the families of the slain officers will be recognized as charitable contributions for tax purposes. This means that donors will be able to deduct these contributions from their taxable income, even though the funds are exclusively for the benefit of the officers' families.

Exempt Payments by Charitable Organizations

The legislation also specifies that payments made by charitable organizations to the spouse or dependents of the slain officers will not jeopardize the tax-exempt status of these organizations. Key points include:

• Payments made on or after February 22, 2025, and before February 23, 2028, will be considered related to the organization's charitable purpose.
• Such payments will not be viewed as providing personal benefit to any individual as long as they are made in good faith and according to a reasonable formula that is consistently applied.

Timeframe for Contributions

The provisions of the bill are set to apply for contributions made starting from February 22, 2025, until at least February 23, 2028.

Purpose of the Bill

The overarching goal of the Virginia Beach Heroes Act is to encourage charitable giving to support the families of the fallen officers by providing clear tax incentives and protections for both the donors and the charitable organizations involved in these contributions.

Relevant Companies

None found