Recent federal legislation (Philippines Charitable Giving Assistance Act, enacted March 25, 2014) provides that a taxpayer may treat any cash contribution made after March 25, 2014, and before Apri1 15, 2014, for the relief of victims in areas affected by Typhoon Haiyan, as if such contribution was made on December 31, 2013, and not in 2014. This applies only to amounts for which a charitable contribution deduction is allowable under the Internal Revenue Code.
Taxpayers who elect to claim the charitable deduction for Typhoon Haiyan relief on their 2013 federal return may not claim the same contribution as a deduction on their 2014 federal return.
Under current Wisconsin law, the option to treat such contributions as made on December 31, 2013, does not apply for Wisconsin. Unless Wisconsin law changes, such contributions made in 2014 may only be deducted on the 2014 Wisconsin tax return.
Individuals who file their 2013 Wisconsin income tax return and claim the Wisconsin itemized deduction credit may only include charitable contributions made in 2013 in the computation of the 2013 credit. Corporations that file their 2013 Wisconsin franchise or income tax return may only include charitable contributions made in 2013 in the computation of net income.
April 8, 2014