Dayton Supports Immediate Tax Deduction for Americans Making Donations to Tsunami Victims

Dayton Supports Immediate Tax Deduction for Americans Making Donations to Tsunami Victims

Individuals and companies have until January 31st to take advantage of unique income tax deduction which applies to 2004 taxes.

U.S. Senator Mark Dayton cosponsored a joint resolution introduced today by Senator Max Baucus (D-MT), which will provide immediate tax deductions to Americans who make charitable donations to the relief efforts for last week's Indian Ocean earthquake and tsunami. The legislation encourages Americans to give immediate financial assistance to those countries devastated by the earthquake and tsunamis, and it provides a unique income tax deduction, retroactive to 2004, for individual taxpayers and companies making cash donations during January, 2005.

"This resolution supports the many Minnesotans and other Americans who are helping the victims of this terrible disaster," said Dayton. "It also encourages others to participate in the relief efforts by providing much-needed monetary assistance to this devastated region.

"Several Minnesota companies have also made very generous donations to the tsunami victims, and I'm glad that this resolution will acknowledge their charitable contributions in the 2004 tax year."

This joint resolution adheres to current law regarding charitable contributions and specifically focuses on cash donations made in January, 2005. It does not affect contributions made in 2004 and only applies to the income tax. Additionally, this legislation allows taxpayers to choose whether to claim the charitable donation deduction in either the 2004 or the 2005 tax year.

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