HR 1432 118th Congress

VETT Act

Latest Action

Became Public Law No: 118-146.

Summary

VSO Equal Tax Treatment Act or the VETT Act This act allows a tax-exempt veterans' organization to receive tax deductible charitable contributions for tax years beginning after 2024, provided that the organization is a federally chartered organization. Further, the act limits the deduction for such contributions to 60% of the donor’s adjusted gross income. Generally, a veterans' organization may be exempt from federal income tax provided that, among other requirements, at least 75% of its members are past or present members of the Armed Forces. However, to be eligible to receive tax deductible charitable contributions, the Internal Revenue Service requires that at least 90% of a tax-exempt veteran organization’s members must be wartime veterans. Charitable contributions made to a veterans' organization that does not meet this 90% threshold may be subject to federal income tax. This act allows a tax-exempt veterans' organization to receive tax deductible charitable contributions for tax years beginning after 2024, provided that the organization is a federally chartered organization. The act also provides that, for tax years beginning after 2024, the deduction for charitable contributions made to a tax-exempt veterans' organization that is federally chartered is limited to 60% of the donor’s adjusted gross income, rather than the lower limits that apply to other types of charitable contributions.

VSO Equal Tax Treatment Act or the VETT Act This bill expands the deductibility of charitable contributions to all federally-chartered tax-exempt organizations serving current and former members of the Armed Forces.

Actions

2024-12-12T00:00:00

Became Public Law No: 118-146.

2024-12-12T00:00:00

Became Public Law No: 118-146.

2024-12-12T00:00:00

Signed by President.

2024-12-12T00:00:00

Signed by President.

2024-12-10T00:00:00

Presented to President.

2024-12-10T00:00:00

Presented to President.

2024-12-05T00:00:00

Message on Senate action sent to the House.

2024-12-04T00:00:00

Passed Senate without amendment by Voice Vote. (consideration: CR S6823)

2024-12-04T00:00:00

Passed/agreed to in Senate: Passed Senate without amendment by Voice Vote.

2024-09-18T00:00:00

Received in the Senate, read twice.

2024-09-17T00:00:00

Motion to reconsider laid on the table Agreed to without objection.

2024-09-17T00:00:00

On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5272)

2024-09-17T00:00:00

Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5272)

2024-09-17T00:00:00

DEBATE - The House proceeded with forty minutes of debate on H.R. 1432.

2024-09-17T00:00:00

Considered under suspension of the rules. (consideration: CR H5272-5273)

2024-09-17T00:00:00

Mr. Smith (MO) moved to suspend the rules and pass the bill, as amended.

2024-01-18T00:00:00

Placed on the Union Calendar, Calendar No. 286.

2024-01-18T00:00:00

Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-351.

2024-01-18T00:00:00

Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-351.

2023-11-30T00:00:00

Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 42 - 0.

2023-11-30T00:00:00

Committee Consideration and Mark-up Session Held

2023-03-07T00:00:00

Referred to the House Committee on Ways and Means.

2023-03-07T00:00:00

Introduced in House

2023-03-07T00:00:00

Introduced in House

Policy Areas

Taxation

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VETT Act

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Summary

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