Unlike the 2009 American Recovery and Reinvestment Act that Congress and President Obama enacted during the recession, the CARES Act is better defined as relief, not stimulus, says Bill High, CEO of The Signatry. What this means for churches is that, notably, people can donate 100% of their income to charity—previously, it was capped at 60%. The only requirement is that the charity must have 501(c)3 status, so Christian schools and camps are also included.
"This lifting of this charitable deduction tab certainly provides an opportunity for the church this year to really see some of their donors have the ability really to give more than they could before and really exploit or take advantage of the tax benefit that's available to them," High says on The Influencers Podcast on the Charisma Podcast Network.
" ... So that is designed to stimulate individuals to be able to, frankly, go out and reinvest into the community. Some people who are going to receive those stimulus checks might be able to give it to local churches, give it the ministries that they want to support."
To learn more about what the CARES Act means for churches during this difficult economic time amid COVID-19, click here for the entire episode.
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