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Charitable deduction

An amount that taxpayers can subtract from their taxable income for donations or contributions made to qualifying organizations, which can lower their overall tax bill.

Internal Revenue Code of 1986

The main body of federal tax law in the United States, which the Internal Revenue Service (IRS) enforces.

Taxable year

The accounting period, typically a calendar year (January 1 to December 31), for which an individual or organization files an income tax return.

Itemize deductions

When a taxpayer lists out specific deductible expenses (like mortgage interest, state and local taxes, or medical expenses) to reduce their taxable income, rather than taking a standard deduction.

Bona fide volunteer

A genuine volunteer who performs services without receiving compensation, except for reasonable reimbursements for expenses, customary benefits, or small fees related to their volunteer work.

Qualified services

Specific types of activities, such as firefighting, emergency medical response, or search and rescue, that are eligible for the tax deduction under this bill.

Cost-of-living adjustment