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The CARES Act (Coronavirus Aid, Relief, and Economic Security Act), which was recently signed into law, includes changes related to charitable contribution deductions. The Act will allow individuals, who do not itemize their deductions, to take an above-the line deduction of up to $300 for charitable contributions made during 2020. Additionally, the Act suspends the adjusted gross income limitation on the amount deductible as charitable contributions for an individual who itemizes and increases the limitation for corporations from 10% to 25% of taxable income.