H.R. 7093: 'Afterschool Access through Charitable Contributions for Enrichment and Student Support Act

This bill, known as the 'Afterschool Access through Charitable Contributions for Enrichment and Student Support Act', aims to amend the Internal Revenue Code to enhance the support for community learning centers by allowing certain tax deductions. Here’s a breakdown of its key components:

Purpose of the Bill

The primary objective of the bill is to encourage contributions to community learning centers through tax incentives. These centers are organizations focused on educational enrichment for children outside of regular school hours. The bill seeks to make it more feasible for property owners to offer their resources to such centers.

Provisions of the Bill

• Tax Deductions for Property Contributions: The bill proposes to amend Section 170 of the Internal Revenue Code to allow property owners to receive a charitable deduction for the use of their property when contributed to a community learning center. This includes both:
  • The use of real property (land and buildings) and any tangible personal property related to this use.
  • The use of motor vehicles for transporting children to or from these centers.
• Qualified Community Learning Center Contribution: A “qualified community learning center contribution” is defined as any contribution of property use that is tied to the educational activities of the community learning center.
• Valuation of Contributions: The bill specifies that the amount of a qualified contribution will be determined based on the rental value of the property, reflected at fair market rates for the year it is used in relation to the community learning center.

Implementation Timeline

If enacted, the changes introduced by this bill would apply to taxable years starting after the date the legislation is enacted.

Definitions

• Community Learning Center: This term refers to organizations described in subsection (c) of the Internal Revenue Code and defined under section 4201(b) of the Elementary and Secondary Education Act of 1965 as centers that provide educational support to children outside of regular school hours.

Overall Impact

The bill aims to make it easier and more beneficial for property owners to support community learning centers, which play a significant role in child education and development by providing additional learning opportunities.

Relevant Companies

• None found