Page 20 - Fall 2019 inLEAGUE with Historic Theatre Resource Guide/Allied Member Directory

Helping Clients Navigate

Tax Credit Financing

Closed over $900 MM of Projects
o Federal Historic Tax Credits
o State Historic Tax Credits

o New Markets Tax Credits

Specialty in Historic Theatres
Support throughout Compliance Period
35 Years of relevant experience

Darlene “Dee” Smolik
President

Tel: 865-254-4343
ds@plymouthsoundings.com

CARES Act Donation Credit (continued)

individual can make up to a $300 cash donation to qualifying charities and deduct the donation
“above-the-line” from the individual taxpayer’s income prior to the calculation of his/her adjusted
gross income. This deduction is available in addition to the standard deduction, and is permanent
beginning in 2020.

For taxpayers who do itemize deductions on their federal income tax returns, certain increased char-
itable deductions are available for the 2020 tax year only:

(1) Individuals can make cash donations to qualifying charities and deduct up to 100% of those
donations from his/her adjusted gross income (taxpayers are usually limited to claiming chari-
table deductions up to 60% of the taxpayer’s adjusted gross income).

(2) Corporations can make cash donations to qualifying charities and deduct up to 25% of those
donations from the corporation’s adjusted gross income (corporate taxpayers are normally
limited to claiming deductions up to 10% of the corporation’s adjusted gross income).

To trigger these new benefits, the charitable donation must be a cash contribution (in-kind donations
do not qualify). Additionally, the cash donation must be made to a qualifying charity, which includes
501(c)(3) public charities.

See more information here: https://www.irs.gov/charities-non-profits/charitable-organizations/chari-
table-contribution-deductions .

PAGE 18| INLEAGUE League of Historic American Theatres